Invest Smarter, Here's how to achieve Your Dreams 80% Faster - Let’s Get Started!Trusted by 10 lakh+ Indians
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
credit-cards

J&K Bank: A Journey of Growth and Resilience Since 1938

banking-image
Jul 23, 2024
15 Mins

Jammu & Kashmir Bank Limited (J&K Bank) is a prominent entity in India's private banking sector, deeply rooted in the picturesque region of Jammu and Kashmir. Established on October 1, 1938, by Maharaja Hari Singh with a starting capital of ₹5.00 Lakh, it emerged as a pioneering state-run bank with public involvement. J&K Bank has been vital to regional economic growth, surmounting challenges like branch losses during the Indo-Pakistani War of 1947-1948.

In notable achievements, it was recognized as a scheduled bank in 1971 and attained 'A' class status by the Reserve Bank of India in 1976. By 2013, coinciding with its platinum jubilee, J&K Bank showcased its financial robustness with a business turnover of ₹1000 billion. Beyond banking, the bank actively engages in community services and developmental initiatives, especially in Jammu, Kashmir, and Ladakh.

As of June 3, 2024, J&K Bank operates 2400 service points, including 1001 branches and 1388 ATMs, ensuring a solid presence in the Union Territories of J&K and Ladakh. It has expanded its portfolio to encompass corporate and retail banking, financial services, and investments through JKB Financial Services Limited, alongside rural banking support via J&K Grameen Bank.

J&K Bank's strategic focus is highlighted by its ranking among India's top four financial institutions for achieving digital payment goals under the 'Digital India' initiative as of July 2020. However, the bank has faced challenges like corruption allegations, resulting in probes by the Anti-Corruption Bureau and Enforcement Directorate.

Currently, J&K Bank plays a crucial role in fostering regional socio-economic development, steered by a visionary outlook. Its journey exemplifies resilience, community engagement, and continued innovation in banking services, ensuring a progressive trajectory while upholding a legacy of trust.

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
Digital SilverInvest in silver with Zero making ChargesLearn More
Pluto FixedEarn from 11% to 14% Returns annually in a fixed lock-in periodLearn More