SRINAGAR: With a view to bolster its Non-Resident business, particularly in the Gulf, J&K Bank plans to establish its first Representative Office in Dubai (UAE).
Pursuant to approval accorded by its Board of Directors (BoD), J&K Bank has begun the process of applying to Reserve Bank of India (RBI) for permission to open its Representative Office in Dubai (UAE).
In its meeting, the board also designated bank’s President and Special Secretary to Chairman Pushap Kumar Tickoo as authorized officer for seeking permissions from RBI, Offshore Regulator and others in connection with opening of the Representative Office.
Commenting on the board decision, Chairman and CEO Parvez Ahmed said, “The board consent is a clear expression of intent in this regard and we are already in the process of seeking approval from the regulatory authority-Reserve Bank of India (RBI). However, we envisage the setting up of a representative office in Dubai as kind of baby step towards establishment of our foundational venture overseas.”
“Given the large expatriate population of the country in general and the J&K state in particular in Dubai, the office shall enable us to build relations with them to ensure a solid base to bank upon once we get license to open a full-fledged branch there. We expect to mobilize the Non-Resident Deposits, extend trade finance besides increasing our pie of remittances from the region”, he added.
Currently, the bank has 900 business units and 1134 ATMs across the country. Since there is need to diversify the bank’s business beyond shores of the country, the proposed office in Dubai shall be the first overseas physical touch-point of the bank. It will serve as a nerve center for NRI customers in UAE, a good proportion of which belong to J&K.