Jammu & Kashmir Bank is a privately owned bank with state share, headquarters in Srinagar, Jammu Kashmir. The bank functions as a Universal bank in Jammu & Kashmir and as a specialized bank for the rest of the country. The bank was established on October 1, 1938, was the first bank owned by the state in the country. The bank has the Chairman and CEO as Parvez Ahmad. The bank commenced its business operations on 4 July 1939 and listed on the NSE and BSE. It’s the only private sector bank entitle as an RBI’s agent for banking business, and carries out the banking business of the central government, besides collecting central taxes for CBDT.
The bank follows the two-way business model in which it seeks to increase lending in its native state that outcomes in higher margins despite modest volumes and on the other hand, it seeks to grab specific lending opportunities on a PAN-India basis to create volumes and improve margins. J & K Bank follows the principle of” Socially Empowering Banking” and aims to deliver contemporary financial solutions for individuals and SME's.
The bank issues two types of credit cards-1. Global Access card, and 2. Empowerment Credit Card. The Banks products and services include- Retail banking, loans on different categories which includes- Home finance, Personal finance, Agriculture finance, craft finance, Specialized Finances and Smartphone finance., NRI banking, and Internet Banking.