Banking System Of Jammu And Kashmir

by Garima Sharma

In this article, we will be discussing the banking system in the state of Jammu and Kashmir. 

Basic Definition of Banking:

As per the Oxford dictionary: Banking means business conducted/services offered by a bank. It offers you an account that entitles you to banking services that could be entirely free or paid in nature.

As J&K is an Indian border state with a decades-old history of disturbance so banking operations are very much limited, so as to ensure the conduct of basic level financial operations and this fragile security situation is the very reason that it lacks behind other Indian states in terms of the development of banking industry. But the Union government is in a regular effort to bring it at par slowly with other states evaluating the pros and cons of time to time.

Official Domain:

Something about its origin

J&K Bank is a private sector bank (with J&K government owning a share of it) that provides banking and financial services. It has its corporate headquarters in Srinagar, Jammu & Kashmir. It was established on 1st October 1938 and was the first Indian bank that was state-owned.

Some financial figures:

  • Total Liabilities as of Mar ’18: 87796.05 INR
  • Total Assets as of Mar ’18: 88416.23 INR

Types of Banking Solutions provides:

  • Retail Banking
  • Corporate Banking

Some of its service offerings are:

  • Tax Payments
  • E-Banking (Net and Mobile Banking)
  • JKB Financial Services Limited (JKBFSL)
  • Home Loans
  • Business Loans
  • Online Fixed Deposit Opening Facilities
  • ATM services
  • Rupay Debit Cards
  • Insurance Services
  • And many more, details could be had from its official domain.

The Indian States where it has its branches:

It has its branches in 21 Indian States.

This is the link that will give you a list of its branches:

To summarise, J&K bank is the first Indian bank that was state-owned. It operates from the Himalayan State of Jammu & Kashmir. It has its branches in 21 Indian states and like other Indian and International banks, it too offers state of the art banking solutions like e-commerce and mobile banking. And is catching up with other Indian border states when it comes to the development of financial institutions.

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