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Srinagar, July 31:
While diversifying its
activities successfully in other areas
of business, J&K Bank is now setting up
a subsidiary for Stock Broking business.
This is a major leap of the Bank to
realize its plans of providing total
financial solutions to its customers
under one roof.
In this connection, the Reserve Bank of
India has today granted approval to the
bank for setting up a subsidiary of
stock broking and the activities
incidental and directly related thereto
with the equity capital of Rs.5 crore.
It is notable that the approval has been
accorded in view of the auditor’s
qualification free balance sheet of the
Bank for the past two consecutive
financial years (2005-06 and 2006-07).
Earlier, the RBI had rejected it twice.
The Bank is already providing depository
services to its customers, but now will
be a having a subsidiary for rendering
broking and depository services to its
customers under one roof. It is worth
mentioning that the Bank has plans of
opening financial centers, including
depository service outlets in all
district headquarters in the J&K State.
Presently, the Bank is having two such
centres one each at Jammu and Srinagar. |
