Jammu and Kashmir Bank pays Rs 128.88 crore dividend to state

Jammu and Kashmir Bank today presented two dividend cheques amounting to Rs 128.88 crore to Chief Minister Omar Abdullah.

The dividend cheques were presented by bank's chairman Mushtaq Ahmad at a function here, an official spokesman said.

The state government is the largest shareholder of the bank and owns over 53 per cent stock.

While presenting the cheques, Ahmad said a total dividend income of Rs 713.19 crore has been paid by the bank to the state government since 1938.

Of this, Rs 411 crore have been paid during the last four years, he added.

The chairman also contributed Rs 5 crore to the Chief Minister's Relief Fund for the flood-affected people of the state.

The bank further intends to pay another installment of Rs 5 crore towards Relief Fund shortly, he said.

The chairman referred to the bank's gesture towards flood affected people and said the bank provided relief material and ration to the affected people and organised medical camps for them.

He said the bank in a swift operation managed to make its branches functional in shortest possible time and so far over 90 per cent branches of the bank are fully functional.

The bank has also approved a special package for affected industrialists, businessmen and traders, he said.