Page 2 - Jammu & Kashmir Bank

RBI says rehabilitation benefits to be extended to J-K bank borrowers

Jammu and Kashmir Bank on Saturday said the RBI has permitted lenders to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the union territory of J&K. "The Reserve Bank of India (RBI) has allowed the banks to extend the rehabilitation benefits applicable to the borrowers affected by disturbance/events in the UT of J&K as per master directions on relief measures by the banks in areas affected by natural calamities," Jammu and Kashmir Bank said in a filing to the BSE. The bank, it said, has accordingly initiated the process to implement rehabilitation package to its borrowers. "This is in continuation to our letter...dated 5th November, 2019 regarding seeking a special dispensation addressing the issue of temporary asset impairment due to prevailing situation in J&K since August 5, 2019 from the RBI," the filing said. On August 5, the Centre had abrogated Article 370 provisions that gave special status to J-K and bifurcated the .

J-K bank Chairman Parvez Ahmad removed, R K Chibber given temporary charge

Chibber will replace Ahmad, who was appointed in 2016 as the chairman of the bank

No bottomline growth, no dividends for 18 mths: J&K Bank chairman

He said the industry is passing through very tough times due to the economic slowdown as well as the prevailing political environment

J&K Bank stock not ripe for bottom-fishing

It is likely to extend Thursday's fall amid earnings downgrades and weak financial results

J&K Bank Q3 net loss at Rs 498 cr

Provisions for bad loans shoot up; bank had posted a Rs 118 cr profit a year ago

J&K Bank shares jump over 8% after Q1 results

Shares of Jammu & Kashmir Bank today surged over 8 per cent after the company reported 32 per cent rise in net profit for the quarter ended June 30. The stock jumped 7.15 per cent to settle at Rs 89.90 on BSE. During the day, it soared 9.53 per cent to Rs 91.90. At NSE, shares of the company surged 8.26 per cent to end at Rs 90.40. In terms of volume, 4.47 lakh shares of the company were traded on BSE and over 29 lakh shares changed hands at NSE during the day. Jammu & Kashmir Bank on Saturday reported 32 per cent rise in net profit to Rs 30.19 crore for the quarter ended June 30, 2017. It had reported a net profit of Rs 22.88 crore in April- June quarter of 2016. Total income of the bank rose to Rs 1,790.53 crore in April-June 2017, from Rs 1,789.05 crore in the year-ago period, it had said in a regulatory filing. Its gross non-performing assets (NPAs) rose to 10.79 per cent of gross loans as on June 2017, from 9.31 per cent in the corresponding period last year. Net .

J&K Bank cuts interest rate on savings account to 3.5%

Public sector lender Jammu and Kashmir Bank (J-K) has lowered interest rate on its savings bank accounts by 0.50 per cent to 3.50 per cent with effect from today, following the industry trend. "The bank has revised the interest rate on savings bank deposit accounts with effect from September 12, 2017. The revised interest rate on domestic/NRO/NRE rupee savings bank deposits is revised to 3.5 per cent per annum from 4 per cent per annum," the bank said in a regulatory filing. The interest rate cut primarily began with industry leader SBI slashing it 0.50 per cent to 3.50 pr cent for deposits up to Rs 1 crore on July 31 this year. So far, nearly two-dozen banks, both public and private, have cut interest rate in various quantum on deposits they pay to customers. Shares of J&K Bank traded 2.70 per cent up at Rs 81.70 on BSE.

Jammu & Kashmir Bank posts Q3 net profit at Rs 724.7 million

The bank had reported a net loss of Rs 4,984.7 million in the October

J&K Bank made a public sector unit, brought under purview of RTI, CVC

In a far-reaching decision, the Jammu and Kashmir bank has been brought under the purview of the Right to Information (RTI) act, the Chief Vigilance Commissioner (CVC) guidelines and the State Legislature, an official said Friday. The State Administrative Council (SAC) which met here Thursday evening under the chairmanship of Governor Satya Pal Malik approved the proposal for treating the J&K Bank Limited as a Public Sector Undertaking (PSU), the official said. The SAC approved that the provisions of the Jammu and Kashmir Right to Information Act, 2009 shall be applicable to the bank like other PSUs. Besides, the bank shall follow CVC guidelines, he added. The J&K Bank Ltd shall be accountable to the State Legislature like other state PSUs, he said, adding that the Annual Report of the bank shall be placed before the State Legislature through the State Finance Department. Established in 1938, the J&K Bank Ltd is the only state government promoted bank in the country, with .

Autonomy, independence of J&K Bank key objectives of admin: Satya Pal Malik

Jammu and Kashmir Governor Satya Pal Malik Tuesday allayed fears of J&K bank employees and said safeguarding the autonomy and operational independence of the institution would remain the key objective of the state administration. Malik gave the assurance to a delegation of bank employees who called on him here, an official spokesman said. Last month, the State Administrative Council (SAC) headed by the governor approved a proposal for treating the J&K Bank Limited as a PSU, bringing it under the purview of the Right to Information Act, the Chief Vigilance Commissioner guidelines and the state legislature. The SAC move has come under widespread criticism from mainstream political parties, separatists and business and trade organisations. "As far as the PSU matter is concerned, the J&K Bank is regulated (i) by the RBI as an old generation private sector bank, (ii) by the Registrar of Companies as it is a Government Company under the Companies Act and (iii) by SEBI as it is a

J&K Bank to consider raising Rs 1600 crore in a meeting next week

The meeting is scheduled for May 15, 2019. It will consider raising capital for FY20.

Appoint full-time CEO at J&K Bank on priority to curb slippages: Analysts

They say the move would boost market confidence and help the bank raise tier-I capital

Govt to take 6 months to divide J&K Bank assets, liabilities and ownership

With the new development, the Centre will automatically get the 60% share that the state of Jammu and Kashmir holds, but via the Union Territories

J&K Bank shareholders reject a proposal to reappoint four directors

Give approval to raise Rs 550 crore through tier-I bonds and Rs 1,050 crore through Basel III-compliant bonds

J&K Bank reduces MCLR to 8.75%

The cut in MCLR will benefit the borrowers as this will reduce the cost of funds

Scores of J-K Bank employees protest against decision to treat bank as PSU

Last week, the SAC approved the proposal for treating the J-K Bank Limited as a PSU, bringing it under the purview of the Right to Information Act

J&K Bank net profit up 43% to Rs 104 cr in Dec quarter; gross NPAs drop 10%

However, net NPAs rose marginally to 4.59 per cent of the net loans from 4.29 per cent in the corresponding period a year ago

Jammu and Kashmir Bank appoints Rajni Saraf as new chief financial officer

Jammu and Kashmir Bank Saturday appointed Rajni Saraf as its chief financial officer as part of its succession planning. As part of its succession planning, J&K Bank today announced the appointment of Rajni Saraf as the chief financial officer (CFO) of the bank, a spokesman of the bank said. Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Bank has appointed Mrs. Rajni Saraf as chief financial officer of the bank, the spokesman said. He said Saraf has an experience of more than three decades in the banking industry. She currently heads the Supervision and Control Division of the bank and will now oversee its financial operations that include investments, capital structure, income and expenses of the bank, the spokesman said.

Jammu & Kashmir Bank reports 58% fall in Q1 net profit at Rs 21.8 crore

State-run Jammu & Kashmir Bank on Saturday reported a 58 per cent fall in its net profit to Rs 21.87 crore in the first quarter of 2019-20 due to a rise in provisions for bad loans. The bank had posted a net profit of Rs 52.59 crore in the April-June quarter of the previous fiscal. Total income during the first quarter of 2019-20 rose to Rs 2,256.25 crore from Rs 1,897.24 crore in the same period of 2018-19, the bank said in a release. On asset front, gross non performing assets fell to 8.48 per cent of gross advances as on June 2019, as against 9.83 per cent by June end 2018. Net NPAs also came down to Rs 4.36 per cent from 4.46 per cent a year ago. However, the provisioning for bad loans and contingencies moved up to Rs 293.21 crore in the June quarter from Rs 255.01 crore in the same quarter of previous fiscal.

Jammu & Kashmir Bank surges 10% on improved asset quality in Q1

So far in 2017, the stock outperformed the market by surging 54% against 21% rise in Sensex