Srinagar, Mar 07 (KNS): Prime Minister Narendra Modi on Tuesday said that during the last five years thousands of youth got jobs in J&K bank in a fair and transparent manner as he highlighted the turn-around of the bank in his speech at Srinagar’s Bakshi stadium today.
He said that by J&K Bank’s annual profit may reach around Rs 1700 crores this year and this is “Modi’s Guarantee”.
He also spelt out the measures taken by his government to reform the Bank that he said was on the verge of loss. He said that the bank’s shares have also witnessed 12-fold increase and soared to Rs 140 from Rs 12.
“During the last five years, the Bank’s business almost doubled from 1.25 Lac Crore s to Rs 2.25 Lac Crore. Its deposits are also going to double while as the NPAs have already come drastically down from 11 percent to below 5 percent”, he said.
Besides signifying J&K Bank’s systemic importance in the economic landscape of Jammu and Kashmir, market observers opine that such strong words of endorsement from the PM himself are surely going to boost the investor confidence and augurs very well for the bank’s future trajectory. (KNS)