Jammu and Kashmir Bank Directors Report, JK Bank Reports by Directors
Jammu and Kashmir Bank
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Directors Report Year End : Mar '14    « Mar 13
1.  1.1.  Your Board of Directors have pleasure in
 presenting the 76th Annual Report of your bank, together with the
 audited Balance Sheet, Proft and Loss Account and the report on
 business and operations for the year ended March 31, 2014.
 1.2.  The bank has delivered a strong performance in 2013-14. The
 bank''s strategy of consolidation, re- engineering, re-pricing and
 re-organization has resulted in productive and effcient growth, robust
 balance sheet, reality asset book and substantial provisions. Financial
 highlights for the year under review are presented below:
 2.1 The aggregate business of the bank stood at Rs.115720.46 Crore at the
 end of the fnancial year 2013-14, an increase of Rs. 12299.43 Crore over
 the previous year''s fgure of Rs.103421.03 Crore. In percentage terms, the
 growth registered was 11.89%.
 2.2 The total deposits of the bank grew by Rs.5115.24 Crore from
 Rs.64220.62 Crore as on 31st March, 2013 to Rs.69335.86 Crore as on 31st
 March, 2014. CASA deposits of the bank at Rs.27083 Crore constituted
 39.06 % of total deposits of the bank.
 2.3 Cost of deposits for current FY stood at 6.70%.
 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.7184.19 Crore from Rs.39200.41 Crore
 as on 31st March, 2013 to Rs.46384.60 Crore as on 31st March, 2014, a
 growth of 18.33%.
 2.5 Yield on advances for the current FY stood at 12.23 %.
 2.6 Priority sector advances (Gross) stood at Rs.13131.66 Crore as on
 31st March, 2014.
 3.  The bank''s performance in the recovery of NPA''s during the year
 continued to be good. The bank effected cumulative cash recovery,
 up-gradation of NPA''s and technical write-off of Rs.270.95 Crore.
 4.  Investment portfolio of the bank increased by Rs.454.01 Crore from
 Rs.25741.06 Crore as on 31st March 2013 to Rs.26195.07 Crore as on 31st
 March, 2014.
 5.  Insurance Business
 5.1.  The bank earned an income of Rs.31.31 Crore from the Insurance
 Business. In life insurance, the bank mobilized business of Rs.63.29
 Crore and in non-life segment, business of Rs.113.63 Crore was mobilized
 during the year.
 6.  Income Analysis
 6.1.  The Interest income of the bank recorded a growth of Rs.630.20
 Crore and increased from Rs.6136.80 Crore in the year 2012-13 to Rs.6767.00
 Crore in the year 2013-14. Interest expenses increased from Rs.3820.76
 Crore to Rs.4082.52 Crore during the year. The Net Interest Income
 increased from Rs.2316.04 Crore to Rs.2684.48 Crore on YoY basis.
 6.2.  The Net Income from operations [Interest Spread plus Non-interest
 Income] increased to Rs.3074.74 Crore in the fnancial year 2013-14 from
 Rs.2799.77 Crore in the fnancial year 2012- 13.
 6.3.  The Operating Expenses registered an increase of Rs.185.98 Crore
 during the fnancial year 2013- 14 and stood at Rs.1174.99 Crore as
 compared to Rs.989.01 Crore in 2012-13.
 6.4.  The Cost to Income ratio (Operating Expenses to Net Operating
 Income) stood at 38.21% in the fnancial year 2013-14.
 7.  Gross Proft
 7.1 The Gross Proft for the fnancial year 2013-14 stood at Rs.1899.75
 8.  Provisions
 8.1.  The Provision for Loan Losses, Provision on Standard Assets,
 Taxation and others aggregated to Rs.717.28 Crore in the fnancial year
 9.  Net Proft and Dividend
 9.1.  The bank registered a Net Proft of Rs.1182.47 Crore for the
 fnancial year 2013-14.
 9.2.  The Board of Directors has recommended a dividend of 500 per cent
 for the fnancial year 2013-14.
 9.3.  In terms of extant guidelines, the bank will pay the dividend
 distribution tax for the fnancial year 2013-14. Accordingly, the total
 outfow on account of dividend for the year 2013-14 will be Rs.283.58
 Crore including the dividend distribution tax.
 10. Net Worth and CRAR
 10.1.  The Net Worth of the bank increased to Rs.5723.61 Crore on 31st
 March, 2014 from Rs.4864.69 Crore on 31st March, 2013.
 10.2. The bank has implemented the Basel-III guidelines on capital
 regulations w.e.f. June, 2013.
 10.3. Capital Adequacy Ratio under Basel III stood at 12.69 % as on
 March, 2014 well above RBI stipulated norm of 9 %. The tier I component
 of CRAR is 11.22% as on 31st March, 2014.
 10.4. The Return on Average Net Worth stood at 22.34% for FY 2013-14.
 Earnings per Share and Book Value per Share for the fnancial year
 2013-14 stood at Rs.243.92 and Rs.1159.63 against Rs.217.64 and Rs.992.09
 respectively for the previous year.
 11.  Branch/ATM Network
 11.1 During the fnancial year 2013-14, 92 new branches were
 established, thereby taking the number of branches to 777 as on 31-03-
 2014, 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 2013-14 is as under:
 Area Branches
 Metro 44
 Urban 181
 Semi-Urban 152
 Rural 400
 Total 777
 11.2 During the fnancial year 2013-14, 187 ATMs, both onsite & offsite,
 were commissioned thereby taking the number of ATMs to 800 as on
 12. IT initiatives during FY 2013-14
 With a view to provide greater convenience and alternate channels to
 the customers, bank launched
 various IT initiatives during fnancial year 2013-14.  The details of
 various technology initiatives taken during FY 2013-14 are enumerated
 Cheque Truncation System (CTS) was introduced at RCC Mumbai, Ludhiana,
 Nasik, Kolkata, Indore, Bhopal, Raipur, Baroda, Ahmedabad, Surat, Pune
 and Nagpur.
 Second Factor Authentication (2FA) was introduced to strengthen the
 security mechanism around e-Banking transactions and to avoid
 proliferation of cyber attacks.
 EMV cards were issued for both credit as well as debit products to
 further strengthen their security features.
 As part of initiatives to add more features through delivery channels,
 Merchant payments were enabled through mobile banking.
 The bank established its own payment gateway to offer e-commerce
 platform to its customeRs.
 13.  Advertising and Publicity
 Continuing with our proactive brand promotion and positioning within
 the wider public consciousness, we maintained and enhanced our brand
 equity during the year.
 The bank''s products, services & facilities were successfully advertised
 while as its functioning and achievements were effectively communicated
 to the respective target audiences including customers, share-owners,
 stakeholders and general public through properly packaged messages
 using wider and relevant mediums.
 The bank also entered into the virtual space of social media networking
 to augment further its on- line presence and processes of
 image-building .
 14. Corporate Social Responsibility-CSR
 With ever-increasing focus on activities for the larger community
 welfare through CSR, J&K Bank retained a collective focus on its
 various dimensions like people and their health, environment, education
 and society at large. Year 2013-14 being the Platinum one, the bank
 remained more agile towards its societal obligations to further its
 vision of People''s Empowerment through Servant Leadership. J&K Bank
 through its CSR activities continued to enhance value creation in the
 society and the community it operates in through its services, conduct
 and initiatives so as to promote sustained growth in fulfllment of its
 role as a socially responsible corporate.
 15. Major CSR Initiatives taken by the Bank
 Health remained the prime CSR activity of the bank. Sizeable
 contributions were made to various health related projects, either
 directly or through implementing agencies . Under J&K Bank Health for
 All bank donated fve (05) Dialysis machines to SKIMS to cater to the
 needs of the poor patients suffering from chronic renal failure. Bank
 also undertook various Health initiatives through NGOs like Cancer
 Society of Kashmir, Maya Foundation, and Hemophilia Society of Delhi.
 Free Health Camps were held at far fung areas across the state where
 the needy and poor patients were provided free medicines and free
 clinical tests. In addition, bank donated vehicles, wheel chairs and
 provided monetary donations to the NGOs primarily dealing with
 differently-abled children like Voluntary Medicare Society, Hari Prabhu
 Sanstha, Chotey Taarey Foundation and otheRs.
 Rising to the occasion, bank responded promptly to the earthquake
 victims of Chenab Valley after the region was hit by it on 1st May,
 2013 and donated around One Thousand (1000) tents to the victims as
 their households had either been completely damaged or rendered
 Education remained one of the thrust areas of the bank under CSR for
 the year 2013-14. In a major initiative under Education for better
 tomorrow the bank facilitated Soft Skills Programme for Police
 Personnel to educate them about dealing with the general public in
 stressful circumstances.  More than fve thousand (5000) police
 personnel got beneftted through this CSR act of the bank.  Bank
 continued its partnership with local NGOs for professionally managing
 education of more than 100 children having various forms of
 disabilities, with particular focus on children belonging to lower
 economic strata and orphans.
 i Under its fagship programme Save Environment/
 Heritage bank continued to maintain nine (09) i , major parks across
 the state.
 A Bank continued to provide a fantastic blend of w banking and
 non-banking services to the pilgrims of Shri Amaranth cave ranging from
 the services of registration to insurance etc., under the aegis of CSR.
 Haj pilgrims and people of all other faiths were also given due
 cognizance and support on this front.
 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
 satisfactorily in 12 out of total 22 districts of J&K State, i. e.
 Srinagar, Ganderbal, Budgam, Baramulla, Bandipora, Kupwara, Anantnag,
 Kulgam, Pulwama, Shopian, Poonch and Rajouri.  The other 10 districts
 i. e Jammu, Samba, Kathua, Udhampur, Reasi, Doda, Ramban, Kishtwar, Leh
 and Kargil are managed by State Bank of India.
 The State Annual Credit Plan (ACP) for the FY 2013-14 was launched in
 time and its implementation was monitored at quarterly intervals in
 State Level Bankers'' Committee meetings. During the FY 2013-14 out of
 the total ACP target of Rs.16,322.68 Crore for the State, banks operating
 in the State disbursed credit of Rs.10,268.58 Crore, registering an
 achievement of 63%. This includes Priority Sector credit of Rs.5,701.15
 Crore disbursed by banks in favour of 3,06,919 benefciaries against the
 target of Rs.10,142.46 Crore for 6,13,489 benefciaries (56% achievement
 in fnancial terms and 50% in physical terms) and Non-priority sector
 credit of Rs.4,567.43 Crore in favour of 1,06,569 benefciaries against
 the target of Rs.6,180.22 Crore for 1,67,745 benefciaries (74%
 achievement in fnancial terms and 64% in physical terms).
 Out of the total priority sector credit of Rs.5,701.15 Crore disbursed by
 all banks in the State upto 31st March, 2014, J&K Bank alone disbursed
 Rs.3,619.13 Crore which constitutes 63.48% of the total credit provided
 to priority sector by all banks in the State.
 During the FY 2013-14, following meetings were conducted:
 - Four Quarterly State Level Bankers Committee (SLBC) meetings, viz.
 89th, 90th, 91st and 92nd to review performance under ACP 2013-14 were
 held on 6th June, 2013, 29th August 2013, 16th December, 2013 and 10th
 March, 2014 respectively.
 - One Special SLBC meeting was conducted on 8th May, 2013 on the
 occasion of visit of Hon''ble Governor, RBI, Dr. D. Subbarao to J&K
 - Two meetings of Steering Sub-Committee of SLBC to monitor IT enabled
 Financial Inclusion, FLCCs & Credit plus Activities were held on 24th
 July, 2013 and 15th January, 2014.
 - Three meetings of Sub-Committee of State Level Inter Institutional
 Committee (SLIIC) to discuss and work out the rehabilitation of
 Individual Sick MSME units in J&K State were held on 16th May, 2013,
 11th October, 2013 and 8th February, 2014.
 Implementation of Financial Inclusion Plan (FIP):
 - The target of providing Information & Communication Technology
 (ICT)-based banking services in the 795 identifed unbanked villages
 (having population over 2000) in Phase-I of Financial Inclusion Plan
 was accomplished successfully by providing coverage to all the 795
 villages. The progress in bringing all the house-holds in the 795
 villages under the ambit of banking is being monitored regularly in
 quarterly SLBC meetings.
 - The roadmap for coverage of 5582 villages (having population below
 2000) during the years 2012-13, 2013-14, 2014-15 and beyond 2015, was
 formulated as per regulatory requirements of RBI. The Same was
 allocated to fve participating banks, viz. J&K Bank (3271 villages),
 SBI (753 villages), Punjab National Bank (294 villages), J&K Grameen
 Bank (1026 villages) and EDB (238 villages). Its implementation is
 being vigorously monitored by J&K Bank.
 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 as per their
 Lead Bank responsibility.  Accordingly, J&K Bank has set up 12 RSETIs
 in its allocated 12 lead districts of Srinagar, Ganderbal, Budgam,
 Baramulla, Bandipora, Kupwara, Anantnag, Kulgam, Pulwama, Shopian,
 Poonch and Rajouri.  The Performance of RSETIs in conducting training
 camps and the number of persons benefted is being regularly reviewed in
 quarterly SLBC meetings.
 Responsibility of setting up of FLCs in J&K State:
 In terms of RBI guidelines, target of setting Financial Literacy
 Centres (FLCs) in all the districts of the state has been fully
 accomplished with J&K Bank operationalizing 12 FLCs in its 12 allocated
 lead districts and SBI operationalizing 10 FLCs in its 10 allocated
 lead districts. The performance of FLCs in conducting the Financial
 Literacy Camps in their respective districts is being reviewed at
 various meetings including SLBC meetings.
 100% coverage of farmers under KCC Scheme:
 The initiative of 100% coverage of farmers under Kissan Credit Card
 (KCC) Scheme was launched in J&K State in compliance to directives of
 Ministry of Finance, Government of India. Its implementation is being
 vigorously pursued with all the stakeholders including banks,
 Agriculture Department, Lead District Managers etc. Upto the end of
 March 2014, banks have sanctioned a total number of 7, 44,470 KCCs in
 J&K State against which 5, 86,364 KCCs amounting to Rs.3,718.68 Crore
 have been disbursed.
 Regional Rural Bank sponsored by J&K Bank:
 The J & K Grameen Bank came into existence on 30th June, 2009 with the
 issuance of statutory notifcation 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 Offce at Jammu.
 The bank commenced its business from 01.07.2009.
 Area of Operation:
 In terms of GoI notifcation dated 30-6-2009, the notifed area of
 operation of J&K Grameen Bank comprises of districts of Baramulla,
 Bandipora, Kupwara, Jammu, Kathua, Rajouri, Poonch, Leh and Kargil and
 parts of three districts viz. Ganderbal, Srinagar and Samba.
 The business of the bank increased from Rs.3,022.51 Crore to Rs.3,438.09
 Crore during the year 2013-14, registering a growth rate of 13.74%.
 The deposits of the bank increased from Rs.2,165.22 Crore to Rs.2,407.43
 Crore during the year 2013-14, registering a growth rate of 11.18%.
 The gross advances of the bank as on 31st March, 2014 stood at
 Rs.1,030.66 Crore as against Rs.857.29 Crore as on the corresponding date
 of the previous year, recording a growth of 20.22%
 CD Ratio:
 The CD Ratio of the bank increased by 3.22% from 39.59% as on March
 2013 to 42.81% as on 31st March, 2014.
 Priority Sector Advances:
 The priority sector advances of the bank as on 31st March, 2014 stood
 at Rs.729.82 Crore as against Rs.590.61 Crore as on the corresponding date
 of the previous year, recording a growth of 23.57%.  Priority sector
 advances constituted 70.81% of total advances which is much above the
 bench mark of 60%.
 NPA Position:
 The gross NPAs of the bank as on 31.03.2014 stood at Rs.85.40 Crore which
 accounts for 8.29% of gross advances. The Net NPA as on 31.03.2014
 stood at Rs.47.44 Crore which accounts for 4.78% of net advances
 Net Proft of the bank stood at Rs.13.44 Crore as on 31st March, 2014.
 (Pre-audit fgures)
 CBS/ Computerization:
 The bank 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, 2014 stood at
 13.19%, which is much above the mandatory requirement of 9%.
 Business per Employee:
 The business per employee as on 31st March, 2014 stood as Rs.3.40 Crore.
 Proft per Employee:
 The proft per employee as on 31st March, 2014 stood as Rs.1.33 lakh.
 Deposits per Employee:
 The deposits per employee as on 31st March, 2014 stood as Rs.2.38 Crore.
 Advances per Employee:
 The advances per employee as on 31st March, 2014 stood as Rs.1.02 Crore.
 Business per Branch:
 The business per branch as on 31st March, 2014 stood as Rs.16.77 Crore.
 Deposits per Branch:
 The deposits per branch as on 31st March, 2014 stood as Rs.11.74 Crore.
 Advances per Branch:
 The advances per branch as on 31st March, 2014 stood as Rs.5.03 Crore.
 Proft per Branch:
 The Proft per branch as on 31st March, 2014 stood as Rs.6.55 lakh
 With the objective of reaching out to the large hitherto unbanked
 population and extend fnancial services to unlock its growth potential,
 the bank formulated Financial Inclusion Plan (FIP) for delivery of
 basic banking services in allotted identifed unbanked villages. The
 details of village allocation and other FIP related information is
 mentioned hereunder:
 - SLBC has allocated 536 villages having population of above 2000 and
 3271 villages having population of below 2000 to the bank for providing
 ICT (Information Communication Technology) based fnancial services by
 the end of March 2016. Bank has already brought 536 villages ( 2000
 Population) under the ambit of fnancial inclusion by opening of
 Business units and providing BC (Business Correspondent) coverage in
 all the villages.
 - Out of 3271 below 2000 population villages scheduled to be covered by
 the end of March 2016, 1696 villages have been rolled out for extending
 ICT based fnancial services at the end of March 2014 well above the
 target of 1600 villages set for FY 2013-14.
 - Bank has also identifed and rolled out to BCs 340 unbanked villages
 under self set target, thereby taking the total number of villages
 rolled out under fnancial inclusion to 2572 as on March 2014.
 - As on March 2014, bank had opened 124 Business units in identifed
 allocated villages under fnancial inclusion, comprising of 33 business
 units in villages having above 2000 population and 91 business Units in
 villages having below 2000 population.
 - The target for household coverage in the rolled out villages stands
 at 7.56 lac, out of which 4.69 lac households have been covered which
 constitutes 62.09% of total households.
 - 695 VLEs of CSC''s have been engaged as BC and are linked to 439 Base
 branches/ Business units for providing ICT enabled fnancial services in
 the State, thereby taking the total number of BCs to 697.
 - Number of accounts opened in 2572 rolled out villages has reached
 12.18 lakh comprising of 6.05 lac No Frill Accounts/ Basic saving bank
 deposit accounts/ ISSS/ MGNREGA and 6.13 lac other accounts.
 - Upto March 2014, 69686 transactions have been generated through the
 operation of Smart Cards involving an amount of Rs. 14.61 Crore.
 - Micro Credit products as mentioned below are being utilized for
 credit delivery through ICT based smart card mechanism, especially for
 fnancial inclusion programme.
 Differential Rate of Interest (F I)
 Micro Credit Card (FI)
 Micro-Overdraft to Ujala accounts (F I)
 RBI selected Villages (Progress/ Achievements)
 - 15 model villages allocated to the bank by RBI for 100% fnancial
 inclusion in the State have been made functional through Smart Cards.
 - 5252 smart cards have been issued in 15 RBI selected model villages
 and 8695 accounts have been opened.
 Implementation of EBT & DBT
 The J&K State Government entrusted the responsibility of execution of
 EBT/DBT in all the districts of the State to the J&K Bank . To start
 with, SLBC identifed six districts (Srinagar, Ganderbal, Rajouri,
 Jammu, Kargil, and Leh) on pilot basis for implementation of EBT/DBT.
 In these six districts, the monthly benefts under IGNOAP scheme are
 being released directly to benefciary accounts through the electronic
 mode .Validation of accounts in remaining 16 districts of the State is
 in progress.
 Financial Literacy cum Credit Counseling Centres
 - In compliance to RBI directive, the bank operationalised Financial
 Literacy cum Credit Counseling Centres in 12 districts in the State
 where J&K Bank performs the lead bank responsibility.
 - 633 outdoor fnancial literacy camps have been conducted by 12 FLCs in
 the respective lead districts imparting training and information to
 59133 persons.
 Financial Literacy Camps through Rural Branches
 - The bank conducted 1160 fnancial literacy camps in the villages
 situated in the close vicinity of various rural branches of the bank. A
 total of 56977 persons attended these camps.
 a) 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
 stakeholder value.
 b) Several matters have been voluntarily included in the statement on
 corporate governance annexed to this report, besides certifcate from
 the Central Statutory Auditors regarding compliance of conditions of
 Corporate Governance as stipulated in Clause 49 of the Listing
 a.  Mr. Mushtaq Ahmad, Chairman and CEO of the bank was reappointed as
 Chairman and CEO of the bank for a period of 3 years with effect from
 6th October, 2013 by the Reserve Bank of India.
 b.  Mr. Bharat Bhushan Vyas, IAS, Principal Secretary to Government,
 Finance Department, J&K Govt. was nominated by the Government of J&K as
 director on the Board of the bank with effect from 24th April, 2013.
 c.  Mr. Hari Narayan Iyer, Additional Director was reappointed by the
 Reserve Bank of India with effect from 7th Oct. 2013 till 31st Oct.
 d.  Mr. A. M. Matto and Prof. Nissar Ali, were reappointed as Directors
 at the last Annual General Meeting of the Shareholders of the bank held
 on 22nd June, 2013.
 e.  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 24.06.2013. The bank has gained immensely from his guidance
 and wide ranging experience and expertise.
 f.  Mr. R. K. Gupta retires by rotation at the ensuing Annual General
 Meeting in accordance with provisions of Companies Act, 2013 and is
 eligible for reappointment.
 g.  Mr. Vikrant Kuthiala, who in the opinion of Board is eligible for
 appointment as Independent Director, is proposed to be appointed as
 Independent Director on the Board of the Bank.
 20. Name of the Board of Directors of the Bank
 1.  Mr. Mushtaq Ahmad Chairman & CEO
 2.  Mr. Bharat Bhushan Vyas, (IAS) Director
 3.  Mr. Hari Narayan Iyer Director
 4.  Mr. M. I. Shahdad Director
 5.  Mr. Vikrant Kuthiala Director
 6.  Prof. Nisar Ali Director
 7.  Mr. A. M. Matto Director
 8.  Mr. R. K. Gupta Director
 9.  Mr. Nihal C. Garware f Director
 21. Directors Responsibility Statement
 The Board of Directors hereby confrms that:- i.  in the preparation of
 the annual accounts, the applicable accounting standards had been
 followed along with proper explanation relating to material departures;
 ii.  the directors had selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the company at the end of the fnancial year and of the proft and
 loss of the company for that period;
 iii.  the directors had taken proper and suffcient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of Companies Act, 1956 for safeguarding the assets of the
 company and for preventing and detecting fraud and other
 iv.  the directors had prepared the annual accounts on a going concern
 basis; and
 v.  the directors, had laid down internal fnancial controls to be
 followed by the company and that such internal fnancial controls are
 adequate and were operating effectively.
 vi. the directors had devised proper systems to ensure compliance with
 the provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 23. Acknowledgements
 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,
 Ministry of Corporate 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 co- operation in realization of the corporate goals in the
 years ahead.
                                   0For and on behalf of the Board of
 Place: Srinagar                                  (J&K Mushtaq Ahmad
 Date: 15.05.2014                                     Chairman & CEO
Source : Dion Global Solutions Limited
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