Economic prosperity of the state is interwoven with the financial soundness of the J&K Bank; Principal Secretary Finance.
Srinagar, May 16: “J&K Bank plays a very important role in the economic development of J&K state and the economic prosperity of the state is interwoven with the financial soundness of the J&K Bank. It is an instrument of financial management in the state and this bestows a great responsibility on the J&K Bank team.. I congratulate the Bank for registering excellent profit growth for the last fiscal and we would like to see J&K Bank as one of the best banks in the country in future”.
This was stated by the Principal Secretary Finance, J&K Government, Dr Arun Kumar Mehta (IAS) after inaugurating the Bank’s relocated Treasury Operations Centre from Mumbai to a the state of the art premises in the Srinagar; in presence of the Chairman and CEO, J&K Bank Parvez Ahmed, members of the Bank’s Board of Directors, Bank’s Executive Presidents and Management team of the Bank.
The Principal Secretary also advised the Bank to aim for improvement in the risk profile of the Bank besides decreasing the NPAs keeping in view the systemic importance of the Bank in the state. He urged upon the operational staff to work passionately, simultaneously moving up the ladder of knowledge acquisition & capacity building besides living up to the huge trust reposed by the people in J&K on the bank.
Speaking on the occasion, the Chairman Parvez Ahmed said,” The advancement of information technology has made geographies irrelevant and with latest IT infrastructure it is possible to seamlessly operate Treasury Operation from anywhere in the country. Considering this fact, the decision of shifting the Treasury to Corporate Headquarters was taken so that better control, fast decisions coupled with a stable pool of resources would ensure transformation and evolution of Treasury into a vibrant profit making centre.”
Thanking the Principal Secretary Finance and other members of the Board for their constant support and guidance in bank’s endeavours, the Chairman highlighted the critical role of the treasury towards realizing the Bank’s Vision-2022 by amplifying its profits besides enabling it to retain a stable pool of resources, made possible by its shifting to Srinagar.
“It was not easy to manage such a task given the resources and logistics involved but with the talent & execution skills of Team J&K Bank, coupled with the guidance of the Board and support of other stakeholders, the assignment was accomplished on time and in a hassle free manner. The Treasury will significantly contribute to the bottom-line of the Bank and help achieve it Vision 2022 earlier than expected”, he said. Adding that the treasury operations of the bank should “set benchmarks” of excellence and grow exponentially to become “one of the most vibrant treasury in the country”.
Acknowledging the exemplary role played by the retired as well as in-service employees in the establishment and management of the Treasury Operations at different periods of time, the Bank felicitated its ex-employees who managed the affairs in various capacities during their stint at the Bank’s Treasury Operations in Mumbai. Momentos were presented on the occasion to retired presidents Fazl e Mehboob Gani, Mohammad Amin Mir, retired vice presidents Gulam Ahmad Bangroo, Bashir-ul- Islam, Mohammad Sultan Kaboo, Mushtaq Ahmad Mir, Aftab Ahmad Qazi, Khurshid Ahmad Fazili and retired AVP Mohammad Shafi Sheikh by Principal Secretary Finance.
Stressing on the importance assumed by the Treasury in terms of the commodities and assets, Executive President P K Tickoo dubbed working in it as a “coveted assignment” while as Executive President R K Chibber urged the staff to come to the expectations of the management in helping it achieve the desired targets.
Earlier, President Sunil Gupta welcomed the attendees saying that shifting of the Treasury was part of the Chairman’s Vision 2022 and its shifting will go a long way in maintaining key financial ratios while adhering to set systems and procedures.
Vice President Treasury Operations Rakesh Kaul made a detailed presentation depicting the organizational structure and workflow of the Treasury Operations of the Bank and Assistant Vice President Treasury Operations, Raja Zaffar Khan extended a vote of thanks.
Notably, treasury operation is a critical function with its role spanning over domestic money and capital market activities as well as the international FOREX markets. It also plays an important role in the management of liquidity on day to day basis besides handling the bank’s investments in securities, foreign exchange, asset/liability management and cash instruments.