ISLAMABAD: Governor State Bank of Pakistan (SBP) Jameel Ahmed has appreciated the performance of Bank of Azad Jammu and Kashmir (BAJK) and the steps being taken to achieve the status of the scheduled bank.
Governor SBP expressed these views in a meeting with Chairman Bank of Azad Jammu and Kashmir Khan Abdul Majid Khan and President/CEO Khawar Saeed.
The Governor SBP stated that the Government Financial Institution of AJK is playing a positive role in the socio-economic development of the State and the bank is expected to become one of the successful financial institutions keeping in view speedy progress of the BAJK.
Azad Kashmir Minister for Finance, Cooperatives and Inland Revenue Khan Abdul Majid Khan, who is also the Chairman of the Bank’s Board of Directors, highlighted the importance of BAJK in the state economy, the association and interest of overseas Kashmiri diaspora with the institution. He also talked about the importance of issuance of license for conferring scheduled status, recent steps taken by AJK State Governments and BAJK to develop and attain scheduled bank status.
The steps included notable, implementation of core banking software, redesigning of all credit products, hiring of consultant for completion of legal formalities. Other measures taken by the bank included the preparation of business case for lodgment of application with SBP and requests for overseas Kashmiri diaspora and corporate sector of AJK for BAJK to acquire scheduled bank status.
Chairman further said that the bank of AJK needs development and patronage of the federal government. Bank needs to be included by the government of Pakistan’s Special Incentives Schemes like hydropower, tourism, women economic empowerment, agriculture and housing sector, which will accelerate further growth.
In addition, the nomination of a focal person from SBP to assist/guide BAJK for obtaining licensing while opening of corporate office of the bank in Islamabad will have positive business results.
Earlier, the Governor was briefed by President Khawar Saeed on the history of the state-owned bank, its management structure, rapid development, status of financial progress during the last three years including expansion of network, customer reach and paid-up capital.
Mubasher Nabi and Chief Financial Officer Shahid Shehzad Mir were also present.
On this occasion, souvenirs were presented to the head of SBP on behalf of the government of AJK and BAJK.
Copyright Business Recorder, 2023