Search results
Results from the WOW.Com Content Network
Jammu & Kashmir Bank Limited (J&K Bank) is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir. [2] The Jammu and Kashmir Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh with an initial paid up capital of ₹5.00 Lakh.
The bank provides various commercial and public sector banking services, including the debt-equity market, corporate investment banking, retail and consumer banking, agricultural financing, treasury services. In the year 2020, the bank was designated domestic systemically important bank (D-SIB) by the State Bank of Pakistan. [3]
Parvez Ahmad was chairman and CEO of Jammu and Kashmir Bank. He was removed by the state government on the charges of "mis-governance". He is the second chairman and CEO of J&K Bank, after Haseeb A Drabu, to be suddenly removed by the J&K state government. [1] [2] On 23 September 2021, Nengroo joined the Jammu and Kashmir People's Conference [3]
As finance minister of J&K, he designed and negotiated a Rs 80,000 crore development package for J&K which was announced by the prime minister in May 2015. [19] He also negotiated the first-ever FDI to set up a logistics hub in J&K. [ 20 ] He introduced a new state budget structure and a new government payments system.
In 1999, a major client of Allied Bank borrowed a substantial amount to acquire a 35 percent stake in the bank. [3] However, the client subsequently defaulted on the loans. [3] The State Bank of Pakistan (SBP), which held a 49 percent share in Allied Bank, intervened and prevented the transfer of shares from employees to external shareholders. [3]
Azad Jammu and Kashmir (Urdu: آزاد جموں و کشمیر, romanized: Āzād Jammū̃ o Kaśmīr ⓘ, lit. 'Free Jammu and Kashmir'), [6] abbreviated as AJK and colloquially referred to as simply Azad Kashmir (/ ˌ ɑː z æ d k æ ʃ ˈ m ɪər / AH-zad kash-MEER), [7] is a region administered by Pakistan as a nominally self-governing entity [8] and constituting the western portion of the ...
In the same year, Naeemuddin Khan made the decision to fully absorb the remaining amount within the year, aiming to clean the bank's balance sheet and eliminate doubts about its financial health. [2] As a result of this decision, the bank's financials went from a net profit of Rs4.9 billion in 2016 to a net loss of Rs3.3 billion in 2017. [2]
After Pakistan's loss to India in the Indo-Pakistani War of 1971, Khan was called to administer all retail and commercial services pertaining to the national economy tattered by war. [6] In 1971, Bhutto appointed him Governor of State Bank of Pakistan when he was tasked to formulate and administer monetary and credit policy in accordance with ...