Minister inaugurates High security Currency Chest, to improve currency availability
Srinagar: Jammu and Kashmir Bank shall be increasing its footprint across Kupwara district, increasing its branch strength to 100 from present 35, targeting business of Rs 5000 Cr from the current Rs 2000 Cr over the next 3 years.
This was disclosed by bank’s Chairman and CEO Parvez Ahmed, who along with J&K Minister for Rural Development, Panachayati Raj, Law and Justice Abdul Haq Khan Friday inaugurated a Currency Chest Complex.
The minister stressed upon the need to promote healthy credit culture in the district Kupwara in which 70 per cent of the population lives below poverty line.
The Minister listed the benefits of the currency chest in the district KupwarA. He said, “The availability of cash shall not remain an issue now in the district. Earlier the cash was to be lifted either from Sopore or Srinagar, which was time consuming and highly risky. But with the establishment of this currency chest, people would not face now any shortage of cash at any point of time.”
The Chairman on the spot announced the adoption of twin villages of Kunan-Poshpora and Nagsari-Kalaroos.
“Unfortunately, these villages are known for their downtrodden economic status and we shall be focusing on the youth in these villages and help them to develop skills as per the local economic needs,” he said. Adding that this youth force shall be channelized by us through financial empowerment and handholding to bring prosperity to their families and ultimately to their villages
He announced bank’s plan to adopt far flung villages to transform the lives through sustained economic development by exploring the respective local economies through skill development programmes and other relevant interventions.
He also reiterated his mission of adopting similar villages in other regions of the State as well.
About the bank’s expansion plans in the district, he said that the bank shall be targeting the total business of Rs 5000 Cr in the district from the current Rs 2000 Cr in next 3 years besides allocating Rs 500 Cr to the under exploited sectors of the local economy which will be leveraged through optimum financing and properly guided projects.
Further the bank’s footprint in the district shall be expanded further during the period taking the number of business units from 35 to 100 and ATMs from 36 to 100.”
The function was attended by, MLA Kupwara Bashir Ahmad Dar, DDC Kupwara G M Dar and District, District and Sessions Judge Mohd Ibrahim. The bank’s Executive Presidents S S Sehgal and Abdul Rauf, Senior President & CFO S K Bhat, Zonal Head (North) Fayaz Ahmad Siddiqui, Vice President Tabassum Nazir and other senior officers of the bank and administration were also present on the occasion.
Khan congratulated the bank for establishing this currency chest in the district, which will certainly alleviate most of the cash related hassles people face in this part of the state. “We hope that the bank shall continue to deepen its presence in this region and take lead in its further upliftment through in developmental plans and products”, the minister added.
While revealing the details of skill development programmes managed through his Ministry, the Minister informed that there were enormous support opportunities to enable livelihood for educated youth.
Parvez said that the CD ratio of the district is quite healthy, however, we need to go for a broad base lending besides imparting professional training to the local youth .
The chest complex has been constructed adhering to “AAA” (Highest Security Standard) as per guidelines laid by the RBI for Currency Chests which are located within 80 Kms of LOC/International Border.
Speaking on the occasion MLA Kupwara, Bashir Ahmad Dar stressed on the need to have a single window system for loan disbursements.
Meanwhile addressing its employees on the sidelines of the inaugural function of the currency chest in Kupwara, Chairman and CEO Parvez Ahmed said, “Customer satisfaction is certainly my most important priority as the chairman of the bank. Though I am satisfied on this front, yet there’s a marginal section of employees who have been lazy in delivering services and have attitude and behavioural problems while dealing with customers. For this negligible section, I would like to make it clear that I sincerely don’t want to resort to any unpleasant action if the service delivery matches industry standards. Let them introspect and realign themselves for the convenience of the customers”
“However, employee welfare is also closer to my heart as the head of this institution. And I believe that it is only a satisfied employee who can ensure the total customer’s satisfaction. In this regard we are thinking of creating best packages for our employees that includes health benefits, fast track career progression, system driven procedures and transparent transfer policy. There has to be incentives and other Employee Stock Ownership Plan (ESOPs) for the employees of the bank.”