Jammu & Kashmir Bank was established in October, 1938 and it started functioning from July, 1939. Jammu & Kashmir Bank was the first state-owned bank in India. According to state's central laws, Jammu & Kashmir Bank was defined according to the laws of the Indian Companies Act, 1956.
In 1971, the Jammu & Kashmir Bank got the scheduled bank status. In 1976, the RBI declared the bank as a Class - A bank. The bank's main activities include financial and banking services through its wide network which comprises of 191 ATMs and 520 branches spread across the country. The services offered by Jammu & Kashmir Bank are cash management, consumer and commercial banking, loans, Internet banking, investments, and deposits.
The Jammu & Kashmir Bank is regulated by SEBI and Reserve Bank of India. The bank is also listed on the Bombay Stock Exchange and National Stock Exchange. The net profit of the Kashmir & Jammu Bank amounted to Rs. 47.27 crore in 2003-2004 and the next year the figure increased to Rs. 48.44 crore. In 2006-2007, Jammu & Kashmir Bank has offered services such as for Leh housing loans, loans for used car, term loan for agriculture, for M.Ed and B.Ed courses term loans, and Smart Saver Scheme.
The various insurance schemes provided by the Jammu & Kashmir Bank are:
- Shop keepers
- Motor insurance
- Burglary
- Hospital cash
The various credit cards provided by the Jammu & Kashmir Bank are:
- Blue Card
- Gold Card
- Silver Card
The various schemes for depository services provided by the Jammu & Kashmir Bank are:
- Market transaction
- Re-materialization
- De-materialization
- Depository participant
- Transactions that are off-market
Jammu & Kashmir Bank has grown over the years by a significant margin. It has also helped lessen the financial problems of the public by providing loans, depository services, credit cards, and insurances.
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