Srinagar August 29 (KNS): J&K Bank Chairman and MD, R K Chhibber launched the Bank’s Employee Stock Purchase Scheme (ESPS – 2021) in presence of Executive Presidents Arun Gandotra and Sunil Gupta, President & Special Secy. to CMD Karanjit Singh, Presidents, Vice Presidents and other senior officers of the Bank. All Zonal Heads of the Bank along with the staff posted at respective zones also joined the launching ceremony through Video-Conferencing mode.

In his special message on the occasion, the CMD said that the idea is to turn employees into owners of the Bank.

The CMD said, “The purpose of the scheme is to promote direct ownership of the employees in this institution so that the value created by them can also be shared with them. It will empower employees with ownership, in the form of stock held and at the same time will provide them an investment opportunity to secure their future.”

“Being a win-win proposition, the ESPS awards a benefit to employees to procure J&K Bank equity at a discounted rate and with a concessional rate of brokerage. The resultant mobilization of capital will help the Bank to sustain its business-growth trajectory by maintaining comfortable capital adequacy levels”, he added.

Notably, as per the scheme, the Bank has opened issue for equity shares aggregating up to Rs 150 crores. The issue will be closed on 3rd September, 2021. In order to make the submission of application user friendly for its staff, the Bank has streamlined the process and the application form for the purchase of stock under the scheme (ESPS) has been integrated with ‘People System’, Bank’s existing HR application.

On the occasion, urging the staff to increase their stakes further in the institution, the CMD said, “And with a family that has always responded to the institutional calling, at times, even by going beyond the duty norms, I am sure all of you will participate whole-heartedly to make the scheme a huge success for your own-selves and for your beloved Bank.”

The staff members were very excited on the occasion and expressed their satisfaction over the issue of ESPS. Thanking the Bank’s leadership for providing them such an investment opportunity and incentivizing their sense of ownership further in the institution, the staff members hoped that the bulk purchase of stocks by the employees would positively impact the market sentiment.(KNS)