Srinagar: There has been “complete turnaround of J&K Bank” and it reflects the accelerated growth and strengthened foundations of J&K’s economy, Lieutenant Governor Manoj Sinha said on Thursday.
In his Independence Day speech at the Bakshi Stadium here, he said, during the last four years, from a loss of Rs. 1,139 Cr in the year 2019-20, the bank has reported a profit of Rs. 1,700 Cr in the year 2023-24.
“The NPAs have been reduced from 11% to current level of 5%. The Bank is focusing its efforts to improve professionalism, efficiency and transparency in its business operations.”
During the past few years, he said, the Jammu & Kashmir administration has improved budgetary transparency.
“For the first time in 77 years, Jammu & Kashmir contributed to the contingency funds created by RBI; viz. the Consolidated Sinking Fund and Guarantee Redemption Fund. During 2023-24, Jammu & Kashmir improved its fiscal discipline and curtailed the culture of raising Hundis and overdrafts. It has now focused on increasing capital expenditure and leveraging the central sector and centrally sponsored schemes.
Jammu & Kashmir Administration has improved its revenues, reduced wasteful expenditure, and improved fiscal transparency. These initiatives coupled with the judicious welfare measures and infrastructure development have helped GDP of J&K double from Rs. 1.17 lakh crore in 2017 to Rs. 2.45 lakh crore in 2023-24. The GDP is expected to touch Rs. 2.63 lakh crore in 2024-25.
Complete turnaround in JKB; NPAs reduced from 11% to 5%, Says Sinha
