Jammu and Kashmir Bank has appointed Parvez Ahmed as Chairman and CEO of the bank. He has been appointed chairman for a period of three years. He replaces Mustaq Ahmad who completed his term on October 5. Ahmad, who joined the bank in 1998, was instrumental in successful management of the bank’s IPO

DO YOU KNOW?     

• The Jammu and Kashmir Bank was founded on 1 – October – 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh. The Raja had invited the eminent investors to become the founding directors and shareholders of the bank.
• The bank commenced the banking business on 4 July 1939 and was considered the first of its nature and composition as a State owned bank in the country.
• The bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government.
• In year 1971, the bank had acquired the status of a scheduled bank and was declared as an “A” Class bank by the Reserve Bank of India in 1976.
• The bank celebrated its platinum jubilee in the year 2013. On 15 May 2013, bank announced that it has achieved the target of promised Rs.10 billion profit for the FY 2012–13.
•  The bank posted net profit of Rs.10551 million and business turnover of Rs.1034 billion for the FY 2012–13. In its Platinum jubilee year, the bank’s board of directors recommended special dividend of 500% or Rs 50 per share for 2012–13.