JAMMU AND KASHMIR BANK LIMITED
The Bank of Jammu and Kashmir (J & K), incorporated on October 1, 1938, was the first bank in the country to emerge as a state bank. On July 4, 1939 the bank started its business.Later, in 1971 the bank received the status of a programmed bank. The government of Jammu and Kashmir has a 53% stake in the bank. The bank is listed on the National Stock Exchange (NSE) and on the Bombay Stock Exchange (BSE).
At present, the bank has a pan-India presence through its network of 556 branches, of which 344 branches are in semi-urban and rural areas. It also includes extension counters and service branches. The bank has a network of 212 ATMs which is the largest network of ATMs in J & K.It is only the private sector bank that has been designated as an RBI agent for banking.J & K Bank acts as a sole banker and lender to the government of Jammu and Kashmir. Handles all salaries of state government officials. The bank also carries out central government banking activities.
The Bank of Jammu and Kashmir Certificate of Deposit has been rated "P1 +" by India's Credit Rating Information Services (CRISIL), reflecting the highest degree of security for the timely payment of principal and interest .The bank also acts as a corporate agent for MetLife India Insurance Company. J & K Bank has signed an alliance with Bajaj Allianz to distribute the non-life products. The bank has signed into an agreement with AMCs such as UTI, Kotak and Reliance Mutual Fund to distribute its current plans and NFOs (new fund offer).