1. 1.1. The Board of Directors have pleasure in presenting the 75th
Annual Report of your Bank, together with the audited Balance Sheet,
Profit and Loss Account and the report on business and operations for
the year ended 31st March, 2013.
1.2. The Bank has delivered a strong performance in FY 2012-13. The
Bank''s strategy of consolidation, re-engineering, re-pricing and
re-organisation has resulted in productive and efficient growth, robust
balance sheet, reality asset book and substantial provisions. Financial
highlights for the year under review are presented below:
2. Performance at a Glance
2.1 The aggregate business of the Bank crossed yet another milestone
mark and stood at Rs. 1,03,421.03 Crores at the end of FY 2012-13. The
total business of the Bank increased by Rs. 16,996.71 Crores from the
previous year''s figure of Rs. 86,424.32 Crores, registering a growth
2.2 The total deposits of the Bank have grown by Rs. 10,873.72 Crores
from Rs. 53,346.90 Crores, as on 31st March, 2012, to Rs. 46,220.62
Crores, as on 31st March, 2013, registering a growth of 20.38%. CASA
deposits of the Bank at Rs. 25,191 Crores constituted 39.23% of total
deposits of the Bank.
2.3 Cost of deposits for current FY stood at 6.87%.
2.4 The Bank continued its prudent approach in expanding quality credit
assets in line with its policy on Credit Risk Management.
The net advances of the Bank increased by Rs. 6,122.99 Crores from Rs.
33,077.42 Crores, as on 31st March, 2012, to Rs. 39,200.41 Crores, as
on 31st March, 2013, a growth of 18.51%.
2.5 Yield on advances for the current FY improved to 12.59%, compared
to 12.12% for FY 2011-12.
2.6 Priority sector advances (Gross) stood at Rs. 11,591.58 Crores, as
on 31st March, 2013.
3. The Bank''s performance in the recovery of NPAs during the year
continued to be good. The Bank effected cumulative cash recovery;
upgradation of NPAs and technical write-off of Rs. 327.83 Crores,
compared to Rs. 316.91 Crores in the previous year.
4. Investment portfolio of the bank increased by Rs. 4,116.74 Crores
from Rs. 21,624.32 Crores, as on 31st March, 2012, to Rs. 25,741.06
Crores, as on 31st March, 2013.
5. Insurance Business
5.1. The Bank''s income reached Rs. 37.41 Crores from the Insurance
Business. In life insurance, the Bank mobilised business of Rs. 63.44
Crores and in non-life segment, business of Rs. 92.88 Crores was
mobilised during the year.
6. Income Analysis
6.1. Interest income of the Bank recorded a growth of Rs. 1,301.22
Crores and increased from Rs. 4,835.58 Crores in FY 2011-12 to Rs.
6,136.80 Crores in FY 2012-13. Interest expenses increased from Rs.
2,997.22 Crores to Rs. 3,820.76 Crores during the year. The Net
Interest Income increased from Rs. 1,838.36 Crores to Rs. 2,316.04
Crores on YoY basis.
6.2.The Net Income from operations [Interest Spread plus Non-interest
Income] has increased to Rs. 2,799.77 Crores in FY 2012-13 from Rs.
2,172.48 Cr in FY 2011-12, growing by 28.87%.
6.3.The Operating Expenses exhibited an increase of Rs. 186.86 Crores
during FY 2012-13 and stood at Rs. 989.01 Crores, as compared to Rs.
802.15 Crores in FY 2011-12.
6.4.The Cost to Income ratio (Operating Expenses to Net Operating
Income) has come down from 36.92% in FY 2011-12 to 35.33% in FY
7. Gross Profit
7.1. The Gross Profit for FY 2012-13 stood at Rs. 1,810.76 Crores, as
compared to Rs. 1,370.33 Crores in FY 2011-12, registering a growth of
8.1. The Provision for Loan Losses, Provision on Standard Assets,
Taxation and others aggregated to Rs. 755.66 Crores in FY 2012-13, as
compared to Rs. 567.08 Crores in FY 2011-12.
9. Net Profit and Dividend
9.1. The Bank registered highest ever Net Profit of Rs. 1055.10 Crores
for FY 2012-13, as compared to Rs. 803.25 Crores for FY 2011-12, up by
an impressive 31.35%.
9.2.The Board of Directors has recommended a record dividend of 500%
for FY 2012-13.
9.3.In terms of extant guidelines, the Bank will pay the dividend
distribution tax for FY 2012-13. Accordingly, the total outflow on
account of dividend for FY 2012-13 will be Rs. 283.58 Crores, including
the dividend distribution tax.
10. Net Worth and CRAR
10.1. The Net Worth of the Bank increased to Rs. 4,846.69 Crores, as
on 31st March, 2013, from Rs.4093.18 Crores on 31st March, 2012.
10.2. The Capital to Risk Adjusted Assets Ratio (CRAR) under BASEL-I
stood at 12.34%, as on 31st March, 2013, which is much above the norm
of 9% stipulated by the Reserve Bank of India. The Tier-I component of
CRAR stood at 10.44%, as on 31st March, 2013.
10.3. The Bank has implemented new capital adequacy framework w.e.f.
31st March, 2009. Under new norms, the Bank''s CRAR (BASEL-II) works
out to 12.83%, which is higher than the CRAR as computed under BASEL-I
norms. The advantage has stemmed mainly from higher rated
Investment/Credit portfolio. The Tier-I component of CRAR under new
norms is 10.86% under BASEL-I.
10.4.The Return on Average Net Worth, Earnings per Share and Book Value
per Share for the FY 2012-13 stood at 23.56%, Rs. 217.64 and Rs.
1,003.49, as against 21.22%, Rs. 165.69 and Rs. 844.34, respectively,
for the previous year.
11. Branch Network
During FY 2012-13, 70 new branches were established and
12 Extension Counters were upgraded into full-fledged Branches, thereby
taking the number of branches to 685, as on 31st March, 2013, spread
over 20 states and one union territory. The area-wise breakup of the
branch network (excluding extension counters/mobile branches and
Service branches), as at the end of FY 2012-13 is as under:
12. IT initiatives during FY 2012-13
Technology has played a pivotal role in the growth of the Bank. T&ISD
department has always been at the forefront in delivering solutions in
line with the changing business needs of the organisation. As a matter
of policy, the Bank has always provided industry best solutions, so as
to align the technology with business goals. The details of various
technology initiatives taken during FY 2012-13 are enumerated below:
- Mobile Banking introduced with the following features:
i) Intra Bank Fund Transfer
ii) Inter Bank Fund Transfer (IMPS)
iii) Balance Inquiry
iv) Statement Request
v) Cheque Stop Request
vi) Cheque Book Inquiry
- Cheque Truncation System (CTS) was deployed at Hyderabad,
Thiruvanthapuram, Kochi, Mysore, Kolkata, Chandigarh and Coimbatore.
- 105 new ATMS were commissioned during the year, taking the total
number of ATMS to 613.
- The network of all the outside state branches was migrated to MPLS
with higher bandwidth and inbuilt redundancy.
- System Level Asset Classification was upgraded to include all the
accounts, as against the ceiling of sanction limit of Rs. 50 lacs in
the first phase.
- Supporting the Organisations branch expansion plans, 77 new Sols
were opened on CBS, taking the total Sol count to 748, which includes
Branches, Offices and Extension counters. All the network-related
infrastructures have been provided at all the branches opened during
the financial year.
- The three-way Disaster Recovery (DR) project has been completed and
two successful DR drills conducted on the new set up. During the
financial year, DR for SWIFT and ITMS has been put in place. The DR
setup for CTS is under implementation.
- MIS/ADF solution was implemented and parallel runs were conducted
for Financial Consolidator.
- Clearing House at Kargil made functional.
- In order to facilitate issuance of eBRC in our Bank, which has
replaced the system of uploading eBRC, an in-house Web- Application has
been developed. This has ensured compliance to RBI directives in this
- As a part of compliance to the mandate on LTS/TVS from NPCI,
necessary customisation stands implemented on ATM Switch.
This feature will reduce customer complaints on account of failed
- Implemented the IT Governance framework, as prescribed by RBI.
Independent functions for assurance and security were put in place.
13. Advertising and Publicity
Continuing with its proactive approval of brand positioning within the
wider public consciousness and memory, the Bank maintained its brand
primacy during the year.
The Bank''s products, services, functioning and achievements were
effectively advertised and communicated to the respective target
audience, which includes customers, stakeholders and general public
through properly packaged messages, using wider and relevant media.
The Bank also entered into the virtual space of social media networking
to further supplement its online processes of image building and
14. Corporate Social Resp onsibility-CSR
J&K Bank believes in putting people before profits.
The Corporate Social Responsibility (CSR) of the Bank is aligned with
its vision statement of empowering people through servant leadership.
It recognises obligations towards society and aims at maximising both
business and social performance. J&K Bank treats contributions to CSR
as an earning, rather than expenditure.
From matters of health to heritage, education to entrepreneurship,
poverty alleviation to paucity augmentation - our CSR policy covers it
The aim is to instil a sense of relief and protection among the
vulnerable sections of society, besides providing opportunities for the
survival, sustenance and empowerment of people. The approach adopted in
conceiving, handling and implementing CSR initiatives is simple, yet
professional. At times, it is massive yet methodical.
Taking a long-term view of its CSR initiatives, J&K Bank employs
organised and innovative interventions to ensure maximisation of both
social and economic returns. Thus, capitalising on the expertise of
the professionals and organisations pursuing various causes of societal
concern continue to be our guiding force in the implementation and
execution of our CSR initiatives.
15. Major CSR Initiatives taken by the Bank
Education continued to receive top priority. To a school of remote
Kaprin village in Shopian district, the Bank provided 23 computers for
establishing a computer lab that caters to the students from the nearby
areas, in addition to the students of that school. Likewise computers
and other learning aids were donated to dozens of schools. The Bank
further expanded its programme of sponsoring education of children by
partnering with a local NGO for professionally managing education of 20
children coming from socially and economically disadvantaged
backgrounds, under the organisation''s scientifically oriented Remote
Child Sponsorship Programme. This is in addition to the collaboration
that the Bank already has with two more such organisations pursuing the
cause of education/ rehabilitation of specially abled children. In the
health segment, the Bank made reasonable monetary contributions for
various health projects undertaken by reputed not-for-profit
organisations, like Indian Red Cross Society, Cancer Society of Kashmir
and so on.
The Bank also participated in the programmes (of Aditya-Jyoti and
CENQUIN, two reputed NGOs) meant for rehabilitation of various slum
dwellers and other initiatives outside J&K to empower the poor people.
The Bank provided financial assistance to the Hemophilia Society,
Delhi, for the treatment of hemophilia patients from Tullwari, a remote
village along LoC, which was adopted by the Bank in 2011.
The bank kick-started its Platinum Jubilee celebrations on 21st March,
2013, the day observed as the World Arbor Day. It started the
celebrations by a massive, week-long plantation drive, in which 75,000
saplings of various species were planted throughout the state of Jammu
and Kashmir. The highly acclaimed CSR programme of the Bank to develop
and maintain parks for providing means of entertainment to the people
of the state, was taken further by dedicating one more such park, Rani
Bagh, to the people of South Kashmir. Notably, with Ranibagh, the
number of parks developed and maintained by J&K Bank has moved up to
nine. The Bank played a lead role in providing relief and
rehabilitation in Frislan, a village near the world famous tourist
resort of Pahalgam. More than thirty houses were destroyed in a
devastating fire in Frislan, leaving victims homeless and in a state of
16. Lead Bank Responsibility
The J&K Bank is the only private sector bank in the country assigned
with the responsibility of convening State Level Bankers'' Committee
meetings. The Bank continued to discharge its lead bank responsibility
in 12 out of 22 districts of J&K State satisfactorily.
The State Annual Credit Plan for the FY 2012-13 was launched in time
and its implementation was monitored on quarterly intervals in State
Level Bankers'' Committee meetings.
During FY 2012-13, out of the total ACP target of Rs. 6,094.50 Crores
for the state, banks operating in the state disbursed credit of Rs.
4,918.14 Crores, registering an achievement of 81%.
Out of the total priority sector credit of Rs. 4,918.14 Crores
disbursed by all banks in the State upto 31st March, 2013, J&K Bank
alone has disbursed Rs. 3,225.67 Crores against the target of Rs.
3,123.22 Crores, thereby achieving 103% of its annual ACP target, which
accounts for a lion''s share of 66% of the total flow of credit to
priority sector by all banks in the state.
During FY 2012-13, following meetings were conducted:
- Four quarterly State Level Bankers Committee (SLBC) meetings, viz.
85th, 86th, 87th and 88th to review performance under ACP.
- Two meetings conducted, one on 25th August, 2012, and the other on
28th March, 2013 of the Steering Sub-Committee of J&K SLBC to monitor
flow of credit to the Agriculture Sector
- A meeting of the sub-committee of State Level Inter-Institutional
Committee (SLIIC) to discuss rehabilitation of sick MSME units in J&K
State held on 3rd August, 2012.
- A Meeting of the Sub-group of J&K SLBC constituted to prepare a
Workable Action Plan for enhancing C.D.Ratio of J&K State held on 12th
April, 2012 (to comply with the directive of Governor, RBI, given in
the Special SLBC meeting).
- The bi-annual meeting of Chairman, J&K Bank, with all the Lead
District Managers of J&K state at Srinagar, as per GoI, MoF Directive.
- The State Level Steering Committee (SLSC) on RSETIs held on 15th
July, 2012, at Srinagar.
- The district level and block level meetings, such as DCC/ DLRC/
BLBC and other relative meetings under Lead Bank Scheme held during FY
2011-12, as per schedule in all districts.
Implementation of Financial Inclusion Plan (FIP)
- The target of providing Information and Technology Communication
(ICT)-based banking services in 795 identified unbanked villages
(having population over 2,000) was almost accomplished, leaving only
nine villages uncovered due to lack of connectivity and other
infrastructural deficiencies at these places.
- The Roadmap for coverage of 5,582 villages (having population below
2,000) during FY 2012- 13, 2013-14, 2014-15 and beyond 2015, was
formulated as per regulatory requirements of RBI, which were allocated
to five participating banks, viz. J&K Bank (3,271 villages), SBI (753
villages), Punjab National Bank (294 villages), J&K Grameen Bank (1,026
villages) and EDB (238 villages). Its implementation is being
vigorously monitored by Lead Bank Department and over 90% of the target
(1,314 villages) set for FY 2012-13 has been already accomplished up to
31st March, 2013.
Responsibility of setting up of RSETIs in J&K State:
In terms of Ministry of Rural Development guidelines, Government of
India, setting up the Rural Self Employment Training Institutes
(RSETIs) in all the districts of J&K state was assigned by Lead Bank
Department/J&K SLBC to two Banks, viz. J&K Bank and SBI. Accordingly,
J&K Bank has already set up 12 RSETIs in its allocated 12 lead
districts of Srinagar, Ganderbal, Budgam, Baramulla, Bandipora,
Kupwara, Anantnag, Kulgam, Pulwama, Shopian, Poonch and Rajouri. State
Bank of India has set up nine RSETIs up to the end of March, 2013 in
districts of Jammu, Samba, Kathua, Udhampur, Reasi, Doda, Ramban,
Kishtwar and Leh.
Responsibility of setting up of FLCs in J&K State:
In terms of RBI guidelines, target of setting of Financial Literacy
Centres (FLCs) in all the districts of the state has been fully
accomplished with J&K Bank operationalising 12 FLCs in its 12 allocated
lead districts and SBI operationalising 10 FLCs in its 10 allocated
100% coverage of farmers under KCC Scheme:
The initiative of 100% coverage of farmers under KCC Scheme was
launched in J&K state in terms of GoI, MoF directives.
Its implementation is being vigorously pursued with all the
stakeholders including banks, Agriculture Department, Lead District
Managers and so on. The timelines for covering total 12.84 lacs farming
families in J&K State has been extended by GoI to 30th June, 2013. Up
to the end of March, 2013, 50% of the target has already been achieved.
17. Regional Rural Bank sponsored by J&K Bank:
The J&K Grameen Bank has come into existence on 30th June, 2009, with
the issuance of statutory notification by GoI, MoF, Department of
Financial Services under sub-section (1) of section 23 (A) of the
Regional Rural Banks Act, 1976 vide F. No. 1/4/2006- RRB providing for
amalgamation of Kamraz Rural Bank and Jammu Rural Bank into a single
new Regional Rural Bank under the name of J&K Grameen Bank with its
Head Office at Jammu and has commenced business from 01.07.2009.
The business of the bank increased from Rs. 2,553.09 Crores to Rs.
3,024.16 Crores during FY 2012-13, registering a growth rate of 18.45%.
The deposits of the Bank have increased from Rs. 1,875.21 Crores to Rs.
2,165.22 Crores during FY 2012-13, thereby registering a growth rate of
The gross advances of the Bank, as on 31st March, 2013, stood at Rs.
858.94 Crores, as against Rs. 677.88 Crores on the corresponding date
of the previous year, recording a growth of 26.70%.
The CD Ratio of the Bank has increased by 3.52% from 36.14%, as on 31st
March, 2012, to 39.66% as on 31st March, 2013.
Priority Sector Advances
The priority sector advances of the Bank, as on 31st March, 2013, stood
at Rs. 600.50 Crores, as against Rs. 460.56 Crores on the corresponding
date of the previous year, recording a growth of 30.38%. Portion of
advances to the priority sector accounts for 69.91% of total advances,
much above the benchmark of 60%.
The gross NPAs of the Bank, as on 31st March, 2013, stood at Rs. 58.50
Crores, accounting for 6.81% of gross advances. The Net NPA, as on 31st
March, 2013, stood at Rs. 15.61 Crores, which accounts for 1.91% of net
The bank has shown operating profit of Rs. 21.50 Crores, as on 31st
March, 2013. (Pre-audit figures)
The Bank has achieved 100% CBS rollover of its branch network.
Capital to Risk-weighted Asset Ratio
The CRAR position of J&K Grameen Bank, as on 31st March, 2013, is
11.64%, much above the mandatory requirement of 9%.
Business per Employee
Business per employee, as on 31st March, 2013, stood as Rs. 3.36
Profit per Employee
Profit per employee, as on 31st March, 2013, stood as Rs. 2.39 lacs.
Business per Branch
Business per branch, as on 31st March, 2013, stood at Rs. 15.04 Crores.
Profit per Branch
Profit per branch, as on 31st March, 2013, stood at Rs.10.69 lacs.
18. Financial Inclusion
The objective of financial inclusion is to reach out to the large
hitherto unbanked population and extend financial services to unlock
its growth potential. The Bank formulated FIP envisaging reaching out
to and providing banking outlets for delivery of basic banking services
in 1,260 identified unbanked villages, comprising 535 SLBC-allocated
above-2,000 population villages and 725 other unbanked villages, under
a self-set target to be completed by the end of March, 2012 and 2013,
respectively. Apart from above, SLBC has also allocated 1,093 villages
in the population range of above 1,000 and less than 2,000 to be
provided with BC coverage by the end of March, 2013. Out of 2,353
(1,260 1,093) identified and allocated villages, Financial Inclusion
Department has rolled out 1,928 villages to BCs for extending
ICT-enabled financial services through the operation of smart cards.
SLBC has also allocated 2,178 villages in the population range of below
1,000 to be provided with BC coverage by the end of March, 2016. The
FIP rollout is based on a mix of branch network and BC model on
engagement of CSCs by delivery of services through smart cards.
The Bank has already submitted Board-approved FIP to RBI for 3,271
below-2,000 population villages to be covered from April, 2013 to
FIP Achievements/ Progress as on 31st March, 2013
- 1,928 identified unbanked villages have been provided with Business
Correspondents (BCs), with coverage comprising 420 self-set target
villages, 527 above-2,000 population villages and 981 below-2,000
- 629 Village Level Entrepreneurs (VLEs) of CSCs have been engaged as
BCs and are linked to 351 base branches/business units for providing
ICT-enabled financial services.
- 9.09 lac accounts have been opened in 1,928 villages, comprising
4.61 lac no-frills/saving bank deposits accounts and 4.48 lac other
- Household coverage has reached 54.60% in 1,928 rolled out villages.
- 1.53 lac Smart Cards have been delivered to concerned business
units for being enabled for operations
- Point of Transaction (PoT) devices have been deployed at BCs and
business units as terminals to facilitate smart card transactions.
RBI adopted model Villages (Progress/ Achievements)
- 15 model villages selected by RBI for 100% financial inclusion in
the state have been allocated to J&K Bank, which are operational and
transactions are taking place through the operation of smart cards.
- 4,819 smart cards have been issued in 15 RBI-selected villages.
1. EBT/ISSS/ NOAP/ MGNREGA
The Bank has initiated the process of bringing ISSS/ MGNREGA account
holders in the ambit of EBT under e-governance programme and provided
them facility of availing ICT-enabled financial services.
Enrolment process for delivery of banking services to ISSS/ NOAP/
MGNREGA beneficiaries through the micro products under financial
inclusion is underway.
2. Financial Literacy cum Credit counselling centres
In compliance to RBI Directive, J&K SLBC has assigned setting up of
FLCs in 12 lead districts of the state. The Bank has appointed
financial literacy facilitators and all the FLCs have been made
operational in the allocated lead districts of the bank in the state.
357 outdoor financial literacy camps have been conducted in the lead
districts and 41,779 persons have attended the camps.
19. Corporate Governance
J&K Bank has established a tradition of exemplary practices in
corporate governance. It encompasses not only regulatory and legal
requirements, but also several voluntary practices, aimed at a high
level of business ethics, effective supervision and enhancement of
Several matters have been voluntarily included in the statement on
corporate governance annexed to this report, besides certificate from
the Central Statutory Auditors regarding compliance of conditions of
Corporate Governance as stipulated in Clause 49 of the Listing
20. Board of Directors
- Mr. Mohammad Iqbal Khanday, Principal Secretary to Govt. Finance
Department, was nominated by the Government of J&K as Director on the
Board of the Bank with effect from 8th July, 2012 and was recalled by
the State Government of J&K with effect from 23rd April, 2013.
- Mr. M. I. Shahdad and Mr. Vikrant Kuthiala, were reappointed as
Directors at the last Annual General Meeting of the Shareholders of the
Bank held on 14.07.2012.
- With a view to broad-basing the Board, Mr. Nihal C. Garware, an
eminent personality, was re- appointed as Additional Director of the
Bank w.e.f 16.07.2012. The Bank has gained immensely from his guidance
and wide ranging experience and expertise.
- Mr. A. M. Matto and Prof. Nisar Ali retire by rotation at the
ensuing Annual General Meeting, in accordance with Article 76 of the
Articles of Association of the Bank and provisions of Companies Act,
1956, and are eligible for reappointment.
21. Name of the Board of Directors of the Bank
1. Mr. Mushtaq Ahmad Chairman & CEO
2. Mr. Hari Narayan Iyer Director
3. Mr. M. I. Shahdad Director
4. Mr. Vikrant Kuthiala Director
5. Prof. Nisar Ali Director
6. Mr. A. M. Matto Director
7. Mr. R. K. Gupta Director
8. Mr. Nihal C. Garware Director
22. Directors Responsibility Statement
The Board of Directors hereby confirms that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed, along with proper explanation
relating to material departures.
2. We have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent to give a true and fair view of the state of affairs of the
Company at the end of the financial year and the profit/loss for the
period under report.
3. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities.
4. We have prepared the annual accounts on a going concern basis.
23. Particulars of Employees
Particulars of employees as per section 217(2a) of the companies act,
1956, read with the companies (particulars of employees) rules, 1975,
for the year ended 31st March, 2013, are as under:
1. Employed throughout the financial year and in receipt of
remuneration aggregating Rs. 60,00,000/- or more per annum
S.No Name of Designation / Remuneration Nature of
Employee Nature of
Duties received employment
(Rs. In lacs)
1. Mr. Mushtaq Chairman & Chief 60 In whole time
Ahmad Executive Officer employment
of the Bank
Employee Qualification Experience Date of Age of Last
in year commence
ment employee held
the of (years) joining
Ahmad B.A: CAIIB-I 40 years 06-10-2010 63 J&K Bank
2. Employed for part of the financial year and in receipt of
remuneration aggregating Rs. 5,00,000/- or more per month - nil.
a. The Directors thank the valued customers, shareholders, well-
wishers and correspondents of the Bank in India and abroad for their
goodwill, patronage and support.
b. The Directors acknowledge with gratitude the valuable and timely
advice, guidance and support received from Government of India,
Government of Jammu & Kashmir, Reserve Bank of India, Securities and
Exchange Board of India (SEBI), Insurance Regulatory Developmental
Authority (IRDA), NABARD, SIDBI, IBA, FIMMDA, FEDAI, Stock Exchanges,
Dept. of Company Affairs, Registrar of Companies, Comptroller &
Auditor General, Financial Institutions and the Central Statutory
Auditors of the Bank in the functioning of the Bank.
c. The Directors place on record their deep appreciation of the
valuable contribution of the members of the staff at all levels for the
progress of the Bank during the year and look forward to their
continued cooperation in realisation of the corporate goals in the
For and on behalf of
the Board of Directors
Chairman & CEO
Place: Srinagar (J&K)
Date: 15th May, 2013