While congratulating the Jammu and Kashmir Bank on its Platinum Jubilee, chief minister Omar Abdullah on Tuesday said that the past of the bank has been amazing and if it continues to grow and improve like that its future would be bright adding that there was no limit to boundaries it can touch.
Comparing the ageing of an institution with that of an individual, the chief minister said that while an individual weakens by becoming older and older; institutions get strong and stronger with attaining more and more age. He said the same is true for Jammu and Kashmir Bank attaining 75 years of age and serving the state with a commitment and zeal.
The CM said that when J&K Bank celebrated its 50th annual celebration, the scale of its progress and improvement was not that significant.
"After 1996 elections a person outside the banking system was appointed as the chairman of J&K Bank and the bank got introduced to reputed corporate sectors in India. It elaborated its business and today after 25 years we find the bank emerging as one of the leading banks in the country," he said, adding that if it continues to grow like this the day is nor far when it will be the best bank in the region.
Omar Abdullah said that with the improvement in the situation in J&K other banks were looking towards the state. He said this would create competition between these banks and J&K bank. He said that he has told some of the banks intending to do business in state to localise their products and make these relevant to the local economy.
He also talked about the status of CD ratio and Corporate Sector Responsibility (CSR) of banks and appreciated Jammu and Kashmir Bank for showing significant improvement in this sector. He expressed the hope that the bank would further improve in these fields.
"We have vibrant agriculture, handicrafts, tourism, entrepreneurship development, horticulture, IT and ST sectors. The Banks should focus on localized products", he said and advised J&K Bank to move an extra-mile in its banking activities aimed at helping the local economy.