J&K Bank Says, Functions as Responsible Corporate Citizen

0Shares

Srinagar: Reacting to series of media reports accusing it of favouring businesses on political considerations and shunning Corporate Social Responsibility, J&K Bank Saturday said, bank lays high emphasis on inclusive growth to bring into its fold the weakest sections of the society. 

“Despite being a commercial organisation in nature, the bank is well known as a responsible corporate citizen”, a JK Bank press statement said today.

Giving details, the release said, “the bank has so far provided Rs 271.31 Cr as loans to 3791 budding entrepreneurs of the state”.

“Out of the 8248 cases received from the Entrepreneurship Development Institute (EDI), the bank has processed and recommended 7934 cases back to EDI.

Besides, the bank’s network of Rural Self Employment Training Institute (RSETI) has been training large number of rural youth of the state in various skill development courses like dress designing, mobile repairing, embroidery making etc.

So far, the bank’s 12 institutes have trained 19893 candidates out of which 4394have been provided credit linkage and have started their own small business ventures. Also 4064 candidates have self-financed their ventures while as 2791 have chosen wage employment in the sectors they received their trainings in.  

Moreover, the bank remains invested in the state in all the sectors of economy. The loans outstanding as on 31st December, 2015 of the bank stands at Rs 25587.38 Cr, which is 62.38 percent of the total credit deployed by all the banks operating in the state. Out of these, Rs 13241.07 Cr have been disbursed to priority sector and Rs 12346.31 Cr to the non-priority sector.

The Bank has in place Board approved Policy on Corporate Social Responsibility. The policy is available on the website of the Bank.( http://www.jkbank.net). The statutory disclosures with respect to the CSR Committee and an Annual Report on CSR Activities forms part of the bank’s annual report. The bank undertakes all the CSR activities in line with the CSR Policy and in accordance of Schedule VII of the Companies Act, 2013, the release said.

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Observer News Service

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS