Jammu and Kashmir Bank Limited
TypeNationalised Bank[1]
Founded1 October 1938; 82 years ago

Key people

Rajesh Kumar Chhibber
(Chairman & MD)
RevenueIncrease8,830.08 crore (US$1.2 billion) (2020)[2]
Increase 4,489.77 crore (US$630 million) (2020)[2]
Increase 432.121 crore (US$61 million) (2021)[2]
Total assetsIncrease120,291.95 crore (US$17 billion) (2020)[2]
OwnerGovernment of India (68.18%)

Number of employees

12,307 (2021)
Capital ratio12.20% [2]

Jammu & Kashmir Bank Limited (J&K Bank) is a nationalised bank under the ownership of the Ministry of Finance, Government of India having its Corporate Headquarters in Srinagar, J&K with its Zonal Offices in J&K, Delhi, Mumbai and Ladakh.

J&K Bank was incorporated on October 1, 1938 by then ruler of princely state of J&K Maharaja Hari Singh with initial paid up capital of ₹ 5.00 Lakh. The bank registered a total business turnover of over Rs.1750 billion as on March 31, 2021.

J&K Bank operates on the principle of socially empowering banking in line with its tagline “Serving to Empower” and seeks to deliver innovative financial solutions to cater to the financial needs of all segments of the society.[3]


J&K Bank was founded on October 1, 1938 under letters patent issued by then Maharaja of Jammu & Kashmir, Maharaja Hari Singh. The Maharaja had invited eminent investors to become the founding directors and shareholders of the bank.[3]

The bank commenced banking business on July 4, 1939 and was considered the first of its nature and composition as a state-owned bank in the country. The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.

Post-independence, the two branches of the Bank out of 10 branches viz. Muzaffarabad Rawalkot and Mirpur (now PoK) fell to the other side of the Line of Control alongwith cash and other assets.

The Bank is defined as a government company as per provisions of Indian Companies Act 2013. In 1971, the bank acquired the status of a Scheduled bank and was declared an ‘A’ class bank by Reserve Bank of India in 1976.[4]


The Bank, incorporated in 1938, is listed on the NSE and the BSE is incorporated and occupies a unique and dominant position within Jammu and Kashmir due to its strong market presence and status as exclusive agent designated by the Reserve Bank of India for carrying out banking business for the Government of Jammu and Kashmir and its state-owned institutions and departments. The bank collects tax revenues for the central Government of India on behalf of the Central Board of Direct Taxes and Central Board of Excise and Customs, and works with the UT Governments of J&K & Ladakh in the implementation of a number of flagship initiatives for employment of youth, women empowerment etc.

The bank being the major financial player in the UT of Jammu and Kashmir holds a leading market share of over 65% as of March 31, 2021 in banking business. Besides bank also holds market share of around 60% in banking business in the UT of Ladakh.[4]


The bank celebrated its platinum jubilee in 2013. In that year the bank achieved a total business of 1000 billion and earned a net profit of 10 billion. On 1 April 2013 the bank surpassed the target of promised 1000 billion business and is confident of meeting its other annual targets as well in its platinum jubilee year.[5][6]

The bank on October 1, 2018 completed its 80 years of existence and the day was celebrated by the Bank under the theme “80 years of bonding – I pledge to strengthen it”.[7]

On July 1, 2019, the bank surpassed deposit base of Rs.1000 billion with over 10 million customers.[8]

In July 2020, the bank figured among the top 4 banks in India in achieving targets in digital payments, contributing towards ‘Digital India’ mission.[9][3]


The Bank has over 2400 touch points across the country including 964 branches and 1388 ATMs as on Aug 31, 2021 spread over 18 states and 4 UTs. Out of 964 BUs, 804 are operating in the Union Territory of Jammu & Kashmir, 36 in Union Territory of Ladakh and 124 are operating outside the UTs of J&K and Ladakh. Bank has 75 Easy Banking Units (EBUs) in UT of J&K and Ladakh out of which 35 EBUs are operating in UT of Ladakh [10]


J&K Bank’s illustrious history of more than eight decades is decorated with awards and accolades. Over the years, the bank has collected numerous honors in various categories.


At the 16th Annual Banking Technology Awards of Indian Banks’ Association (IBA), J&K Bank was honoured with the ‘Best Technology Bank of the Year Award’ for the year 2019-20. The Bank’s Chairman and Managing Director R K Chhibber received the award in a virtual award ceremony held in third week of March, 2021.

Chosen for the top award by the jury of experts, stalwarts and senior functionaries from the banking industry, the Bank emerged as runner up in the category of Best Digital Financial Inclusion Initiatives Award.[11]


BFSI Leadership Award[edit]

As a recognition for his exemplary leadership in banking domain, the bank’s Chairman and Managing Director (CMD) R K Chhibber was felicitated with ‘Banking, Financial Services and Insurance (BFSI) Leadership Award’ at a gala event during the 4th Elets BFSI Leadership Summit in Mumbai.[12]

J&K Bank amongst the Top 5 Performing Banks in PFMS[edit]

For outstanding performance in Public Financial Management System (PFMS) for FY2019-20, the bank has been ranked amongst Top 5 Performing banks in the country by Department of Financial Services, Ministry of Finance, Government of India.[4]

Top Banker Award for PMEGP[edit]

For its outstanding performance under Prime Minister’s Employment Generation Programme (PMGEP) in the entire North Zone, J&K bank bagged Top Bankers Award for the 63 financial year 2018 -19 given in FY19-20[13]

HUDCO Award for outstanding contribution in the Housing Sector[edit]

Housing and Urban Development Corporation, a Government of India enterprise, felicitated the bank in recognition of its outstanding contribution through initiatives in the housing sector under the Pradhan Mantri Awas Yojna (Urban) - CLSS. The Bank achieved the recognition for its contribution under the Private Sector Bank category for the Financial Year 2018- 19.[14]

CSO100 Award[edit]

The bank won the CSO100 Award for the year 2019 at a ceremony held in Pune, Maharashtra for adopting new ways of thinking to secure business assets with sophisticated tools and improved defenses.[15]


J&K Bank provides extensive range of investment & stock broking through its wholly owned subsidiary JKB Financial Services Limited (JKBFSL). It has 12 branches (5 Branches in Kashmir, 6 Branches in Jammu and 1 Branch in Gurgaon) besides having sales desks across 61 J & K Bank Branches across the Union Territory of J & K. JKBFSL provides services in stock broking, depository, distribution of mutual funds, IPOs, ETFs, Tax Planning etc.[3]


J&K Bank is also sponsor bank for J&K Grameen Bank with a share holding of 35% engaged in providing all kinds of financial services in UT of J&K and Ladakh. J&K Grameen Bank was established on June 30, 2009 and is functioning in 11 districts in the Union Territory of Jammu & Kashmir and 2 districts in UT of Ladakh.[16]


Bank has entered into tie-ups with various national as well as multinational companies to extend its third party service base across the country.

Under Bancassurance, Bank is a partner to PNB Metlife[3] for life insurance while as for non-life, Bank has collaborated with Bajaj Allianz General Insurance Company Limited (BAGICL)[3] & IFFCO Tokyo General Insurance Limited.[17]

Besides, Bank has entered into business agreements with companies like TATA motors,[18] Mahindra & Mahindra[19] for extending its financial services to its consumers.

Corruption allegations[edit]

J&K Bank has been allegedly accused on multiple occasions of un-accountability.[20][21] In 2019, following the formation of the union territories of Jammu and Kashmir, the Anti-corruption Bureau started investigations into alleged corrupt practices by a number of bank officials, including former bank chairpersons Parvaiz Ahmad Nengroo and Mushtaq Ahmad Sheikh. From 2011, chairpersons of J&K Bank allegedly made over 2,500 backdoor appointments.[20][22][23]

In August 2020, the Enforcement Directorate (ED) claimed that the son of former Jammu and Kashmir finance minister Abdul Rahim Rather, Hilal Rather, used money loaned from JK Bank to splurge on foreign tours and acquire personal assets in India, Dubai and the US. In relation to this the ED raided a number of places in Srinagar, Jammu, Delhi and Punjab.[24][25][26]

See also[edit]


  1. ^ [1].
  2. ^ a b c d e jkbank.com (March 2021).
  3. ^ a b c d e f keenthemes. -CUSTOMER VALUE-. -CUSTOMER VALUE-. Retrieved 28 July 2021.
  4. ^ a b c keenthemes. Welcome to Official Website of Jammu and Kashmir Bank. J&K Bank. Retrieved 28 July 2021.
  5. ^ Jammu and Kashmir Bank achieves one lakh crore business – Economic Times. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.
  6. ^ JK Bank vaults 1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT. Greaterkashmir.com (2 April 2013). Retrieved on 6 December 2013.
  7. ^ IMTIYAZ, SOFI. Celebrating eighty years of bonding. Greater Kashmir. Retrieved 28 July 2021.
  8. ^ Jammu & Kashmir Bank: Banking on profitability. Money Times. 22 May 2019. Retrieved 28 July 2021.
  9. ^ KNS. KNS. www.knskashmir.com. Retrieved 28 July 2021.
  10. ^ Strategy and Partnership Department, J&K Bank
  11. ^ Inter-American Development Bank Annual Report 2019: The Year in Review. March 2020.
  12. ^ KV. JK Bank bags IBAs Best Technology Bank award. Kashmir Vision. Retrieved 28 July 2021.
  13. ^ J&K Bank bags Top Banker Award for PMEGP. State Times. Retrieved 28 July 2021.
  14. ^ Service, Tribune News. HUDCO award for J&K Bank. Tribuneindia News Service. Retrieved 28 July 2021.
  15. ^ gk-news-network. J&K Banks Information Security officer bags CSO100 Award. Greater Kashmir. Retrieved 28 July 2021.
  16. ^ J&K Grameen Bank - Engendering Empowerment. www.jkgb.in. Retrieved 28 July 2021.
  17. ^ Statement on our relationship with Jammu & Kashmir Bank. www.iffcotokio.co.in. Retrieved 28 July 2021.
  18. ^ www.ETAuto.com. Tata Motors partners with J&K Bank for CV financing - ET Auto. ETAuto.com. Retrieved 28 July 2021.
  19. ^ Mahindra & Mahindra enters into preferred financier agreement with J&K Bank for Car Loans and Commercial Vehicle Finance. www.motoroids.com. Retrieved 28 July 2021.
  20. ^ a b Pandit, M. Saleem (23 December 2019). 2 ex-chairmen of J&K Bank arrested for graft. The Times of India. Retrieved 8 August 2020.
  21. ^ PTI (7 August 2020). J&K was a broken state, frauds were at unbelievable levels everywhere, says chief secretary. ThePrint. Retrieved 8 August 2020.
  22. ^ J&K Bank loan fraud: Anti-corruption bureau lodges FIR in ₹1,100 cr scam. Livemint. 20 October 2019. Retrieved 8 August 2020.
  23. ^ Sharma, Arun (21 October 2019). FIR against J&K Bank ex-chief, 23 others for Rs 1,100-crore fraud. The Financial Express. Retrieved 8 August 2020.
  24. ^ Ex-J&K Ministers Son Siphoned Off Loan Money To Travel, Buy Illegal Assets: ED. NDTV. 8 August 2020. Retrieved 8 August 2020.
  25. ^ ED raids 17 places over J&K Bank loan fraud case - Sentinelassam. Aentinel Assam. 7 August 2020. Retrieved 8 August 2020.
  26. ^ Bank fraud case: ED raids former J-K ministers son Hilal Rather. Hindustan Times. 6 August 2020. Retrieved 8 August 2020.

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