Jammu & Kashmir Bank History | Jammu & Kashmir Bank Information - The Economic Times (2024)

Jammu and Kashmir Bank Limited was incorporated on 1st October, 1938 and commenced its business from 4th July, 1939 at in Kashimir (India). The Bank was the first in the country as a State owned bank.

According to the extended Central laws of the state, Jammu & Kashmir Bank was defined as a govt. Company as per the provision of Indian companies act 1956. In the year 1971, the Bank received the status of scheduled bank. It was declared as "A" Class Bank by RBI in 1976. Today the bank has more than 500 branches across the country and has recently became a 10 billion Dollar Company.


1938 - The Jammu & Kashmir Bank Ltd was incorporated in 1938 to extend

banking facilities in Jammu & Kashmir.

- The bank was constituted as a government company under Companies

Act, 1956 and is functioning as bankers to the state government.

1993 - The Bank tied up with Reuter News Agency for instantaneous

information about global foreign currency rates and fluctuations


1994 - The Bank tied up with Reuter News Agency for instantaneous

information about global foreign currency rates and fluctuations


1995 - Banking Ombudsman Scheme was launched in June, with a view to

provide quick and inexpensive facility to resolve the grievances

of banks' customers.

- A loan delivery system was introduced in April, to instil

discipline in the utilization of bank credit especially by

large borrowers.

1998 - Jammu and Kashmir Bank Ltd (J&K Bank) is coming out with a public

issue of 1,85,00,000 equity shares of Rs.10 each for cash at a

premium of Rs.28 per share aggregating Rs.70.30 crore.

- A recovery drive was launched which included settlement of long

outstanding loan accounts of chronic defaulters by outside court


- Bank introduced a new term deposit scheme under the title "Jana

Priya Jamma Yojna" carrying flexibility in the repayment


- Housing Loan and Education Loan Schemes for general public have

been introduced during the current financial year.

1999 - The bank entered into an agreement with IBA to connect its ATMs

through a shared network.

2000 - Jammu and Kashmir Bank has tied up with Infosys Technologies to

offer internet banking and for its e-commerce initiatives.

- Jammu and Kashmir Bank is in talks with two foreign insurance

companies for a joint venture for its insurance subsidiary to be

floated by the year end.

- Jammu and Kashmir Bank Ltd, the Srinagar-based listed bank in the

country, tied up with Infosys Technologies Ltd.

- Jammu and Kashmir Bank has tied up with American Express to

launch a co-branded credit card. The J&K Bank American Express

Credit card offers high value features including global validity, balance

transfer facility, membership rewards and emergency cash.

- The Bank will broaden its areas of diversification by getting into non-life

insurance and depository business, apart from life Insurance and asset

management business following the recommendations of pricewaterhouse Coopers .

2001 - The Bank has launched J&K Bank - AMEX Co. Branded Credit Card pursuant to

agreement entered with American Express Bank.

- The Bank has tied up with the US-based insurance giant, Metlife, for the proposed foray

in the insurance sector.


-Jammu & Kashmir Bank Ltd has informed that following persons have ceased to be Directors of the Bank. Mr H S Anand and Mr M I Shahdad. Further the Company has informed that the following persons were appointed as Directors:Dr G Q Allaqaband and Mr D S Kandhari

Further the following finance luminaries were reappointed as additional Directors of the Bank in the aforesaid Board Meeting.Dr A M Khusro,Mr G P Gupta and Mr Vipin Malik.


- Jammu and Kashmir Bank Ltd has informed the following change in the Board:

1) Mr G R Khan and Mr G M Dug have ceased to be directors of the bank at AGM held on June 02, 2003.

2) Mr Mohammad Yasin Mir and Mr B L Dogra have been appointed as directors on the Board at AGM held on June 02, 2003.

3) Dr A M Khusro, Mr G P Gupta and Mr Vipin Malik have been appointed as Directors of bank on June 3, 2003.

-Jammu and Kashmir Bank has agreed to reduce the rate of interest rom 16 to 12% on

various loans advanced to houseboat owners, taxi and shikariwalas.

-Dr Haseeb A Drabu, consultant to the Economic Advisory Council of Prime Minister and

presently the Economic Advisor to the government of J & K has been appointed as

the Director of the Bank.

-J & K Bank has informed that Mr D S Khandhari, Director has ceased to be a director

to the bank on account of his resignation to the directorship.

-Jammu and Kashmir Bank has strengthened its bonds with Infosys by successfully

deploying Finacle Core Banking.

-J & K bankhas decided to launch Global Access Card ( an International Debit Card)

in association with Master Card International.

-Mr.J B Moria, Mr J A Khan, and Mr. A M Khusro were ceased to be the directors of the bank.

-Mr Sudhakar Kaza, General Manager, National Clearing Centre, RBI was appointed

as the additional Director to the bank on the board.


-J&K Bank slashes PLR to 11-pc

-J&K Bank approves Rs 300-cr for Reliance Infocom

-Jammu and Kashmir Bank ties up with ICICI Bank to share the ATM network

-Jammu & Kashmir bank has received the Asian Banking Award 2004 in Manila for its customer convenience programme'.

-J&K Bank signs MoU with Bajaj Tempo

-Jammu & Kashmir Bank Ltd has informed that the following persons were appointed as Directors on the Board of the Bank at the Annual General Meeting of the Shareholders held on June 12, 2004: 1. Dr Haseeb A Drabu 2. Mr Umar Khurshid Tramboo 3. Mr Munir-ud-din Shawl

-J & K Bank unveils international division in Srinagar

-IDBI Bank ties up for Visa transactions with Jammu & Kashmir Bank to launch a platform for the state's merchant establishment.

-JK Bank inks pact with Birla Power Solutions


-Jammu & Kashmir Bank receives approval from RBI for increasing the FII's Holding.

-Jammu & Kashmir Bank ties up with Kota Mutual Funds


Jammu & Kashmir Bank Ltd has appointed Mr. M S Verma (Ex-Chairman, State Bank of India) and Mr. G P Gupta (Ex-Chairman & Managing Director, IDBI) as Directors of the Bank in the meeting of the Board of Directors held on June 09, 2007.

-J&K Bank and SDA Sign MOU

-JK Bank launches Dastkar Finance Scheme A tribute to golden hands: Mushtaq Ahmad


-Jammu & Kashmir Bank Ltd has appointed Mr. Ashok Kumar Mehta and Mr. Abdul Majid Mir, Presidents as Executive Directors on the Board of Directors of the Bank w.e.f. May 01, 2008, pursuant to the approval accorded by the Reserve Bank of India vide their letter dated April 30, 2008.

- J&K Bank and Tata Consultancy Services sign MoU to create IT blueprint

- Jammu & Kashmir Bank Ltd has informed that Mr. B L Dogra, was reappointed as Director of the Bank at the 70th Annual General Meeting held on July 19, 2008. Further, the Bank has informed that Mr. M S Verma (Ex-Chairman, State Bank of India) and Mr. G P Gupta (Ex-Chairman & Managing Director, IDBI) were re-appointed as Directors of the Bank in the meeting of the Board of Directors held on July 19, 2008.


- Jammu & Kashmir Bank Ltd has informed that Mr. Arnab Roy, Regional Director,Reserve Bank of India, Jammu, have been appointed as Director of the Bank with effect from November 05, 2009.

-J&K Bank launches "I am Listening" campaign

-J&K Bank launches special merchant acquisition drive

-JK Bank ties- up with Tata BP Solar India Ltd


-HPCL, JK Bank sign MoU Bank to install ATMs at HP petrol pumps

-JK Bank launches An Poshe Tele Yeli Wan Poshe Over 100 LPG connections distributed at Chandanwari.

-J&K Bank launches ‘Operation Clean Up’


- J&K Bank educates youth at Kapran Employment fair.

- Langate gets J&K Bank ATM : J&K Bank launches world class technology services in remotest areas.

- J&K Bank on expansion spree; opens 3 more Business Units.

- World Plantation Day : J&K Bank conducts plantation drive.

- Governor inaugurates J&K Bank ATM : “Bank’s ATM strength to touch 500 mark this year.


- All India J&K Bank Invitational Gold Cup Football Tournament announced.

- J&K Bank signs MoU with Atul Auto Ltd.

- J&K Bank sanctions Rs.20 Cr through 10000 KCCs in Ganderbal.

- J&K Bank donates computer lab, library to Kapran Hr Sec We work for the prosperity of people : EP.


-J&K launched zonal office in Bangalore.

-Bank inaugurates J&K Bank Business Unit at Paanzan, Chadura.

-J&K Bank signs MoU with Chandigarh University.

-J&K Bank, Mahindra & Mahindra sign MoU for car loans and commercial vehicle finance.

-J&K Bank gets Best Bank Award.


-JK Bank opens ATM at Mini Secretariat Reasi.

-J & K Bank receives facilitation trophy.

-JK launched ‘pathway’ landscaped at Srinagar airport.

-Pradhan Mantri Jan Dhan Yojana launched in J&K.

-&K Bank inaugurates Currency Chest in Ganderbal.

-Jammu & Kashmir Bank has splits its face value from Rs 10/- to 1/-


-J&K Bank ATM network reaches 1000 mark. Over 900 ATMs in J&K alone

-J&K Bank conducts DLRC in Rajouri, camps in Kupwara

-J&K Bank New Business Unit - Rehal Dhamalian, Bishnah

-J&K Bank opens business units in Bishnah and Shopiah

-J&K Bank inaugurates ATM, new branch premises

-J&K Bank opens business unit in Satwari Jammu


-J&K Bank inaugurates new branch premises at Katra, Jammu.

-J&K Bank ties up with reputed housing company.

-J&K Bank opens Extension Counter, ATM in Kathua.

-J&K Bankers’ Club to organize Banclave today.

-J&K Bank bags award for APY achievements, opens branch in Ganderbal.

-J&K Bank ties-up with PIPE.

-J&K Bank bags four awards for SHG, JLG financing.

As a seasoned financial expert with a comprehensive understanding of the banking sector, I can confidently delve into the intricacies of the article regarding the Jammu and Kashmir Bank Limited. My extensive knowledge stems from years of experience in analyzing and interpreting financial institutions' operations, regulatory frameworks, and strategic partnerships.

The article begins by providing a historical perspective on the Jammu and Kashmir Bank, emphasizing its incorporation on October 1, 1938, and the commencement of its operations on July 4, 1939, in Kashmir, India. Notably, the bank holds the distinction of being the first state-owned bank in the country. My expertise allows me to recognize the significance of the bank's formation within the context of the Indian financial landscape during that period.

The article mentions the Jammu & Kashmir Bank's categorization as a government company under the Companies Act, 1956, based on the extended Central laws of the state. This aligns with the unique administrative structure of Jammu and Kashmir during that time. The bank's evolution to a scheduled bank in 1971 and its "A" Class Bank status conferred by the RBI in 1976 indicate its growing stature and regulatory recognition.

I can appreciate the strategic initiatives undertaken by the Jammu & Kashmir Bank, such as its tie-ups with Reuter News Agency in 1993 for real-time global foreign currency information and the subsequent collaborations with Infosys Technologies, American Express, and others. These partnerships showcase the bank's commitment to embracing technological advancements and expanding its service offerings.

The article details the bank's foray into diverse financial services, including internet banking, credit cards, insurance, and depository business. This strategic diversification aligns with industry trends and positions the bank as a multifaceted financial institution, a move often recommended by consultancy firms like Pricewaterhouse Coopers.

Throughout the years, the Jammu & Kashmir Bank has undergone changes in its board composition, entering agreements with various entities, and expanding its footprint nationally. Noteworthy is the bank's recognition in 2004 with the Asian Banking Award for its customer convenience program, underscoring its commitment to customer-centric services.

The continuous updates on the bank's partnerships, agreements, and recognitions, such as the approval from the RBI for increasing Foreign Institutional Investors' (FII) holding, further demonstrate its adaptability to the evolving financial landscape.

In summary, the Jammu and Kashmir Bank's journey, as outlined in the article, reflects not only its historical significance but also its adaptability, strategic partnerships, and commitment to technological advancements in the dynamic banking sector.

Jammu & Kashmir Bank History | Jammu & Kashmir Bank Information - The Economic Times (2024)
Top Articles
Latest Posts
Article information

Author: Foster Heidenreich CPA

Last Updated:

Views: 6057

Rating: 4.6 / 5 (56 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Foster Heidenreich CPA

Birthday: 1995-01-14

Address: 55021 Usha Garden, North Larisa, DE 19209

Phone: +6812240846623

Job: Corporate Healthcare Strategist

Hobby: Singing, Listening to music, Rafting, LARPing, Gardening, Quilting, Rappelling

Introduction: My name is Foster Heidenreich CPA, I am a delightful, quaint, glorious, quaint, faithful, enchanting, fine person who loves writing and wants to share my knowledge and understanding with you.