J&K Bank hosts 84th Annual General Meeting

SRINAGAR, AUGUST 24: J&K Bank today hosted its 84th Annual General Meeting (AGM) of shareholders – webcast live on the Bank’s Website – for the financial year 2021-22 at its corporate headquarters through video-conferencing mode.

The Bank’s MD & CEO Baldev Prakash chaired the meeting that was attended by Directors-on-Board, General Managers, Deputy General Managers and Company Secretary besides a large number of shareholders through VC mode from across the country. Representing the Bank’s majority share-holder and promoter i.e. J&K UT Government, Additional Chief Secretary, Finance, Vivek Bhardwaj  – who is also the Government-nominated director on the Bank’s Board – attended the Bank’s AGM virtually.

While highlighting the surpassing of Rs 500 Cr annual-profit milestone for FY2021-22, MD & CEO Baldev Prakash underscored the Bank’s vital importance for the economy of two union territories at the 84th AGM themed – Aiming beyond the Horizon. “J&K Bank continues to be the major financial player in the UT of Jammu & Kashmir and Ladakh with a leading market-share of over 64% and 58% respectively as of March 31, 2022”, he said.

Detailing the recent steps that the Bank has taken to increase business while streamlining its systems and services, he said, “During the last financial year, your bank has embarked upon a transformational journey and some major initiatives have been undertaken. Your bank achieved the long cherished goal of rollover to Finacle 10 joining the league of major banks using the most advanced core banking solution. With the new platform, your bank shall be able to benefit from enhanced digital offerings to customers, CRM functionality, customers segmentation, API integration and other advanced functionalities.”

“By establishing Large Credit Units, your bank has pooled large corporate borrowers at one place across the Zones with Relationship Manager Modules aimed at enhanced appraisal standards and compliance besides highly personalized service. In order to increase the market share and tap into the huge market potential outside the UTs of J&K and Ladakh, the bank has also established clusters in major cities of Mohali, Lucknow and Bengaluru to capitalize on business opportunities in rest of India”, he added.

On corporate governance, he said, “Your Bank has established a tradition of exemplary practices in corporate governance and high standards for compliance.” Acknowledging the support and loyalty of around 20 Million esteemed customers across the country, he said, “Your support, encouragement and faith have instilled in us the confidence required to pursue excellence in our journey forward. Your support drives us and always helps us to overcome the hurdles, meet challenges and emerge successful.”

While expressing his sincere gratitude to all the stakeholders, particularly the governments of UT of J&K and UT of Ladakh for their unflinching support and faith in the institution, he appreciated the directors-on-board for their guidance and Bank-staff for their commitment and dedication towards the institution.

Earlier, the Bank’s Company Secretary Mohammad Shafi informed the shareholders about the code of conduct and proceedings of the virtual meeting. He referred to comments from Comptroller and Auditor General (C&AG) and Secretarial Auditor besides placing agenda items for approval of the shareholders at the virtual AGM.

Notably, the meeting concluded with a question-answer session, wherein MD & CEO Baldev Prakash listened and responded to a range of share-holder queries to the satisfaction of participants. Meanwhile, the results of e-voting along with the scrutinizer’s report will be available on the website of the Bank within two working days from conclusion of the AGM.