SRINAGAR PHD Chamber of Commerce and Industry Kashmir (PHDCCI) on Tuesday felicitated J&K Bank Chairman and CEO Parvez Ahmed for steering the Bank out of a tumultuous phase and spurring it to a profit of 464 crore rupees in the financial year 2018-19.
A delegation of the chamber led by Chairman Mushtaq Chaya presented souvenirs to the Chairman to mark the remarkable turnaround of the Bank from a loss of 1632 crores rupees in the financial year 2016-17 to eight consecutive quarters of profitability, thus strengthening further the top and bottom-line of the Bank besides redirecting the flow of credit to the productive sectors of the state economy. The Chairman PHD Chamber of Commerce and Industry Kashmir alongwith his team commended the vision of the Chairman to project a profit of 2000 crore rupees by the year 2022.
The delegation that included Co-Chairmen Baldev Singh Raina and Zahoor Ahmad Tramboo extolled the Chairman and his team for mitigating the crisis and steering the Bank out of the red zone in the quickest possible time besides concurrently providing employment opportunities to the youth of the state.
Speaking on the occasion, the Chairman acknowledged the unflinching trust of the business community in the brand JK Bank and said, I feel humbled by the magnanimity, love and affection shown by the members of the Business fraternity today and on earlier occasions. He emphasized on the necessity to leverage Brand J&K Bank as an instrument for the overall socio-economic development of the state and beyond. Adding that the trust and faith showed by the people of the state needs to be reciprocated by bringing in a perpetual cycle of prosperity.
While financing in the state of J&K and beyond, we need to ensure that our objective of Serving to Empower is met. Employment generation is to be ensured besides promoting the business community by providing growth capital in a hassle free manner, he said.
Reiterating the trust reposed by the people of J&K state in the states premier financial institution, the delegation expressed a feeling of pride for being associated with the Bank which, they said, is the only bank they bank upon and a buttress to the trade and the business community. They requested the chairman to introduce schemes for the development of sports and medical infrastructure, promotion of education sector as well as poultry and sheep segments on the lines of the famed indigenous Apple Finance Scheme of the Bank.
Assuring unstinted support to the business fraternity, the Chairman enjoined the business community to inculcate a start-up culture and offer maximum support and handholding to the budding entrepreneurs at the inception phases. On behalf of JK Bank, he assured that the Bank will surely be part of the journey of the new entrepreneurs. He urged upon the business community for focussing on development and rejuvenation of the local tourism in view of the huge potential to create employment due to its multiplier effect on the economy. He asserted that positive thinking was the need of the hour and the businesses should diversify yet be cohesive and complement each other.
Other attendees present on the occasion included Chairman Tourism and Golf PHDCCI Vicky Shaw, Chairman FMCG and Taxes Jan Mohd Koul, Chairman Education and Food processing Showkat Choudhary, Chairman Sports Committee Tariq Rashid Ghaani, Co-Chairman Sports Committee Shahana Fatima, Co-Chairman Health and Energy Committee Kaiser Mir, Co-Chairman Young Business Leaders Forum Adnan Shah and Regional Manager J&K Iqbal Fayaz Jan.
Notably, the bank has also established a dedicated resource for the grievance redressal of the trade and business community as a Single Point of Contact (SPOC) in its Corporate Headquarters .