J&K bank presents Rs 128.88 cr to CM

J&K Bank chairman Mushtaq Ahmad on Friday presented two dividend cheques for Rs 128.88 crore to chief minister Omar Abdullah here.While presenting the cheques the chairman stated that a total dividend income of Rs 713.19 crore was paid by the bank to the state government since 1938. Of which Rs 411 crore had been paid during the last four years, he added.

J&K Bank chairman Mushtaq Ahmad on Friday presented two dividend cheques for Rs 128.88 crore to chief minister Omar Abdullah here.While presenting the cheques the chairman stated that a total dividend income of Rs 713.19 crore was paid by the bank to the state government since 1938. Of which Rs 411 crore had been paid during the last four years, he added.

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The Jammu and Kashmir government is the largest share holder of the bank and owns over 53% bank’s stock.
The chairman also presented Rs 5 crore to the Chief Minister’s Relief Fund for the flood affected people. He said the bank intended to pay another installment of Rs 5 crore to the Chief Minister’s Relief Fund shortly for which process had already been set in.

On the occasion, copies of J&K Bank Annual Report were also presented to the chief minister and other dignitaries.

Referring to the bank’s gesture towards flood-affected people, the chairman said the bank provided relief material and ration to the affected people and organised medical camps for them. He said the bank in a swift operation managed to make its branches functional in shortest possible time and so far over 90% branches of the bank were fully functional.

Mushtaq Ahmad said special package for affected industrialists, businessmen and traders had been approved and was being rolled out on Friday.