The Jammu & Kashmir Bank (J&K Bank) recently completed 80 years since its foundation. Here are some other noteworthy facts about the bank:
- The Jammu and Kashmir Bank was founded on 1 October 1938 under letters patent issued by Maharaja Hari Singh.
- The Maharaja had invited eminent investors to become the founding directors and shareholders of the bank. The most notable of which were Pandit Sriniwas Magotra, Abdul Aziz Mantoo, Pesten jee and the Bhaghat Family, all of whom acquired major shareholdings.
Read also: The story of Maharaja Gulab Singh and 30 Lakh Rupees that he did not have! - The J&K Bank was the first bank in the country to emerge as a state–owned bank.
- The bank had to face serious problems at the time of independence when out of its total of ten branches two branches of Muzaffarabad, Rawalakot and Mirpur fell to the other side of the line of control (now Pakistan administered Kashmir) along with cash and other assets.
- Jammu and Kashmir Bank is a J&K -based private sector banking and financial services company. It is a Private-owned bank with state share with its headquarters in Srinagar, Jammu and Kashmir.
- Following the extension of Central laws to the state of Jammu & Kashmir, the bank was defined as a government company as per the provisions of Indian companies act 1956. The bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government.
- The bank commenced banking business on 4 July 1939 and was considered the first of its nature and composition as a State owned bank in the country.
Read also: Mahatma Gandhi and the Jammu & Kashmir in 1947 - The J&K bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government.
- In year 1971, the bank acquired the status of a scheduled bank and was declared as an “A” Class bank by the Reserve Bank of India in 1976. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.
- The bank has a network of 917 computerized bank branches, 1239 ATMs and 25 Cash deposition Machines (CDM) across the country as on 24 September 2018.
