Journey of Jammu & Kashmir Bank Limited

Incorporated in 1938, Jammu & Kashmir Bank Limited is one of the oldest private banks in India. It is a scheduled commercial bank and offers retail and corporate banking services. In 1939, the bank opened its first branch in Kashmir, and it was the first state-owned bank in India. In 1971, the bank became a scheduled bank. In 1993, the bank partnered with the Reuters News Agency for instantaneous information about global foreign currency rates and fluctuations. In 1998, Jammu & Kashmir Bank Limited released its IPO, and in the same year, it launched a term deposit scheme, Jana Priya Jamma Yojna, with a flexible repayment schedule. In 2000, the bank partnered with Infosys Technologies to offer internet banking services. In the same year, they partnered with American Express to offer a co-branded credit card. In the next year, 2001, they partnered with Metlife and made a strategic entry into the insurance sector. In 2004, they partnered with ICICI Bank to share the ATM network and also unveiled an international branch in Srinagar. In 2020, they opened 5 ATMs in Pulwama, which was followed by 2 more in 2021. As of June 30, 2023, the Government of Jammu & Kashmir & Ladakh holds a majority shareholding of 63.41% in the bank. The bank has more than 996 branches and 1,414 ATMs in India located in 18 states and 4 Union Territories. Along with these branches, Jammu & Kashmir Bank has 84 Ultra Small Branches called Easy Banking Units (EBUs) in the Union Territory of Jammu and Kashmir and Ladakh.

Business Segments of Jammu & Kashmir Bank Limited

The primary business segments of the bank are as follows:

• Business:Under this segment, the bank offers commercial services like commercial loans, accounts, insurance, debit cards, etc., to customers.
• Personal:Under this segment, the bank offers personal banking services, such as loans, accounts, cards, insurance and much more for customers.
• Agriculture: In this segment, the bank offers banking services, such as agri finance, credit cards, mortgage loans, etc., to customers in the agriculture sector.
• NRI: Under this segment, NRIs can avail banking services, including accounts, fixed deposit services, etc.

On its website, the bank also allows individuals to pay their mobile bills, DTH bills and taxes online. As of March 31, 2023, the bank has only 1 subsidiary, which is listed below :

• JKB Financial Services Limited (JKBFSL):This wholly-owned subsidiary of Jammu & Kashmir Bank was set up with the aim of meeting the para-banking requirements of the customers of the bank customers and other customers of the UT of Jammu and Kashmir in general.

Key Personalities of Jammu & Kashmir Bank Limited

Baldev Prakash, Managing Director and Chief Executive Officer (CEO) Baldev Prakash is the Managing Director and CEO of Jammu & Kashmir Bank Limited. He has more than 30 years of experience in the banking sector. Before joining Jammu & Kashmir Bank, he was the Chief General Manager of Digital and Transaction Banking Marketing at the State Bank of India (SBI).