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Your Board of Directors have pleasure in presenting the 75th Annual Report ofyour Bank, together with the audited Balance Sheet, Profit and Loss Account and the reporton business and operations for the year ended 31st March, 2013. 1.2. The Bank has delivered a strong performance in FY 2012-13. The Bank’sstrategy of consolidation, re-engineering, re-pricing and re-organisation has resulted inproductive and efficient growth, robust balance sheet, reality asset book and substantialprovisions. Financial highlights for the year under review are presented below: 2. Performance at a Glance 2.1 The aggregate business of the Bank crossed yet another milestone mark and stood atRs. 1,03,421.03 Crores at the end of FY 2012-13. The total business of the Bank increasedby Rs. 16,996.71 Crores from the previous year’s figure of Rs. 86,424.32 Crores,registering a growth of 19.67%. 2.2 The total deposits of the Bank have grown by Rs. 10,873.72 Crores from Rs. 53,346.90 Crores, as on 31st March, 2012, to Rs. 46,220.62 Crores, as on 31st March, 2013,registering a growth of 20.38%. CASA deposits of the Bank at Rs. 25,191 Crores constituted39.23% of total deposits of the Bank. 2.3 Cost of deposits for current FY stood at 6.87%. 2.4 The Bank continued its prudent approach in expanding quality credit assets in linewith its policy on Credit Risk Management. The net advances of the Bank increased by Rs. 6,122.99 Crores from Rs. 33,077.42 Crores, as on 31st March, 2012, to Rs. 39,200.41Crores, as on 31st March, 2013, a growth of 18.51%. 2.5 Yield on advances for the current FY improved to 12.59%, compared to 12.12% for FY201112. 2.6 Priority sector advances (Gross) stood at Rs. 11,591.58 Crores, as on 31st March,2013. 3. The Bank’s performance in the recovery of NPAs during the year continued to begood. The Bank effected cumulative cash recovery; upgradation of NPAs and technicalwrite-off of Rs. 327.83 Crores, compared to Rs. 316.91 Crores in the previous year. 4. Investment portfolio of the bank increased by Rs. 4,116.74 Crores from Rs. 21,624.32Crores, as on 31st March, 2012, to Rs. 25,741.06 Crores, as on 31st March, 2013. 5. Insurance Business 5.1. The Bank’s income reached Rs. 37.41 Crores from the Insurance Business. Inlife insurance, the Bank mobilised business of Rs. 63.44 Crores and in non-life segment,business of Rs. 92.88 Crores was mobilised during the year.

Provision on Standard Assets. 16.3. 6.316.01 Crores.66 Crores in FY 2012-13.1.838.92% in FY 2011-12 to 35. The Net Worth of the Bank increased to Rs.48 Cr in FY 2011-12.370. 283. as on 31st March.32 Crores. 1055.The Net Income from operations [Interest Spread plus Non-interest Income] hasincreased to Rs.1.136. 2. 4.14%. 9. Gross Profit 7. 1. as compared to Rs. 567.In terms of extant guidelines.69 Crores.03. registeringa growth of 19.6. 9. compared to Rs.58 Crores in FY 2011-12 to Rs.The Operating Expenses exhibited an increase of Rs.835. Taxation and othersaggregated to Rs.22 Crores to Rs. growingby 28. TheNet Interest Income increased from Rs.The Board of Directors has recommended a record dividend of 500% for FY 2012-13.87%.1. The Gross Profit for FY 2012-13 stood at Rs. Provisions 8.33 Crores in FY 2011-12.36 Crores to Rs.3. The Cost to Income ratio (Operating Expenses to Net Operating Income) has comedown from 36. 6.2. 1. Accordingly.35%. as compared to Rs. 989. The aggregate business of the Bank crossed yet another milestone mark and stood at Rs.76 Crores.424. 2. The Bank registered highest ever Net Profit of Rs. from .301. 4.15 Crores in FY 2011-12.2013.67%.810.997.10 Crores for FY 2012-13. registering a growth of 32. 1. e total business of the Bank increased by Rs.08 Crores in FY2011-12. The Provision for Loan Losses. Income Analysis 6.421. 9.2.86 Crores during FY 2012-13and stood at Rs.799.22 Crores and increasedfrom Rs. Net Worth and CRAR 10.172.71 Crores from the previous year’s figure of Rs. 803. 2. 8.996. Net Profit and Dividend 9.25 Crores for FY 2011-12. 802.820.4. as compared to Rs. 7. 1. Interest income of the Bank recorded a growth of Rs. 6.33% in FY 2012-13. 755. including the dividend distribution tax. 10. 3. 186.58 Crores. the Bank will pay the dividend distribution tax forFY 2012-13. the total outflow on account of dividend for FY 2012-13 will beRs. up by an impressive 31.80 Crores in FY 2012-13. 6. 1. 86.76 Crores during the year.03 Crores at the end of FY 2012-13.77 Crores in FY 2012-13 from Rs.04 Crores on YoYbasis.1.846. Interestexpenses increased from Rs.1.

34.86%under BASEL-I. Earnings per Share and Book Value per Share forthe FY 2012-13 stood at 23.34%. The Capital to Risk Adjusted Assets Ratio (CRAR) under BASEL-I stood at 12. as against 21. so as to align the technology with business goals. Rs.64 and Rs.3. 844. as on31st March. As a matter of policy.18 Crores on 31st March. which is much above the norm of 9% stipulated by the Reserve Bankof India. The Bank has implemented new capital adequacy framework w.49. T&ISD departmenthas always been at the forefront in delivering solutions in line with the changingbusiness needs of the organisation. which is higher thanthe CRAR as computed under BASEL-I norms. The advantage has stemmed mainly from higherrated Investment/Credit portfolio. 2013. Rs. 31st March.f.83%.2. Branch Network During FY 2012-13. 2009. the Bank has always providedindustry best solutions. 10.69and Rs. respectively. The details ofvarious technology initiatives taken during FY 2012-13 are enumerated below: • Mobile Banking introduced with the following features: i) Intra Bank Fund Transfer ii) Inter Bank Fund Transfer (IMPS) Branches 39 178 136 332 685 .003. 10.44%.4. The Tier-I component of CRAR under new norms is 10. 70 new branches were established and 12 Extension Counters wereupgraded into full-fledged Branches. 2012. 217.e. asat the end of FY 2012-13 is as under: Area Metro Urban Semi-Urban Rural TOTAL 12. IT initiatives during FY 2012-13 Technology has played a pivotal role in the growth of the Bank. 10.Rs. as on 31st March. The area-wise breakup ofthe branch network (excluding extension counters/mobile branches and Service branches). spread over 20 states and one union territory. the Bank’s CRAR (BASEL-II) works out to 12.The Return on Average Net Worth. for the previous on 31st March. 165. thereby taking the number of branches to 685.Under new norms. 1. 4093. 2013. 11. 2013. The Tier-I component of CRAR stood at 10.22%.

• The three-way Disaster Recovery (DR) project has been completed and twosuccessful DR drills conducted on the new set up. a growth of 18. • Clearing House at Kargil made functional. taking the total number of ATMSto 613. Chandigarh and Coimbatore.Kochi. asagainst the ceiling of sanction limit of Rs. • System Level Asset Classification was upgraded to include all the accounts. Mysore. • MIS/ADF solution was implemented and parallel runs were conducted for FinancialConsolidator. to Rs. • Supporting the Organisations branch expansion plans. • As a part of compliance to the mandate on LTS/TVS from NPCI.51%. 39. Kolkata. as on31st March.41 Crores. The Bank continued its prudent approach in expanding quality credit assets in line withits policy on Credit Risk Management.iii) Balance Inquiry iv) Statement Request v) Cheque Stop Request vi) Cheque Book Inquiry • Cheque Truncation System (CTS) was deployed at Hyderabad. This has ensuredcompliance to RBI directives in this regard. 77 new Sols were opened onCBS. as on 31st March. necessarycustomisation stands implemented on ATM Switch. Offices and Extensioncounters. . All the network-related infrastructures have been provided at all the branchesopened during the financial year. During the financial year.99Crores from Rs. 2012. 6. • In order to facilitate issuance of eBRC in our Bank. 33. 2013. taking the total Sol count to 748. 50 lacs in the first phase. The DR setup for CTS is under implementation.077. • 105 new ATMS were commissioned during the year. Thiruvanthapuram. which has replaced thesystem of uploading eBRC. • The network of all the outside state branches was migrated to MPLS with higherbandwidth and inbuilt redundancy. DR for SWIFTand ITMS has been put in place.42 Crores. an in-house Web-Application has been developed. e net advances of the Bank increased by Rs.122.200. This feature will reduce customercomplaints on account of failed transactions. which includes Branches.

From matters of health to heritage. which includes customers. The Corporate Social Responsibility (CSR) of the Bank is aligned with its visionstatement of empowering people through servant leadership. it is massive yet methodical. in addition to the students of that school. the Bank maintained its brand primacy during the year.our CSR policy covers it all. The Bank’s products. To a school of remote Kaprin village inShopian district. services. using wider andrelevant media. 13. as prescribed by RBI. It recognises obligationstowards society and aims at maximising both business and social performance. Taking a long-term view of its CSR initiatives. Major CSR Initiatives taken by the Bank Education continued to receive top priority. rather than expenditure. under the organisation’s scientificallyoriented Remote Child Sponsorship Programme.stakeholders and general public through properly packaged messages. education to entrepreneurship. Thus. J&K Banktreats contributions to CSR as an earning. yet professional. 15. J&K Bank employs organised andinnovative interventions to ensure maximisation of both social and economic returns. This is in .capitalising on the expertise of the professionals and organisations pursuing variouscauses of societal concern continue to be our guiding force in the implementation andexecution of our CSR initiatives. sustenance and empowerment ofpeople. the Bank provided 23 computers for establishing a computer lab thatcaters to the students from the nearby areas. The aim is to instil a sense of relief and protection among the vulnerable sections ofsociety. At times. besides providing opportunities for the survival.Likewise computers and other learning aids were donated to dozens of schools. Advertising and Publicity Continuing with its proactive approval of brand positioning within the wider publicconsciousness and memory. handling and implementing CSR initiatives issimple. The approach adopted in conceiving. 14. Corporate Social Responsibility-CSR J&K Bank believes in putting people before profits. The Bankfurther expanded its programme of sponsoring education of children by partnering with alocal NGO for professionally managing education of 20 children coming from socially andeconomically disadvantaged backgrounds. The Bank also entered into the virtual space of social media networking to furthersupplement its online processes of image building and publicity. Independentfunctions for assurance and security were put in place. functioning and achievements were effectivelyadvertised and communicated to the respective target audience.• Implemented the IT Governance framework. poverty alleviationto paucity augmentation .

registeringan achievement of 81%. 4. the number of parks developed and maintained by J&K Bank hasmoved up to nine. The Bankcontinued to discharge its lead bank responsibility in 12 out of 22 districts of J&KState satisfactorily. which accounts for a lion’s share of 66% of the total flow of credit topriority sector by all banks in the state. Lead Bank Responsibility The J&K Bank is the only private sector bank in the country assigned with theresponsibility of convening State Level Bankers’ Committee meetings. like Indian Red Cross Society. a village near the world famous tourist resort of Pahalgam. aremote village along LoC. thereby achieving 103% of its annual ACPtarget. two reputedNGOs) meant for rehabilitation of various slum dwellers and other initiatives outsideJ&K to empower the poor people. During FY 2012-13.14 Crores disbursed by all banksin the State upto 31st March. one on 25th August. 3. following meetings were conducted: • Four quarterly State Level Bankers Committee (SLBC) meetings.addition to the collaboration thatthe Bank already has with two more such organisations pursuing the cause of education/rehabilitation of specially abled children. The bank kick-started its Platinum Jubilee celebrations on 21st March. 2013. the Bank madereasonable monetary contributions for various health projects undertaken by reputednotfor-profit organisations.Notably.22 Crores.918. viz. 2013. During FY 2012-13.67 Croresagainst the target of Rs. 85th. • Two meetings conducted. Delhi.50 Crores for thestate. The Bank also participated in the programmes (of Aditya-Jyoti and CENQUIN. in which 75. Rani Bagh. was takenfurther by dedicating one more such park. J&K Bank alone has disbursed Rs. In the health segment. 2012. 16.094. The Bank provided financial assistance to theHemophilia Society. It started the celebrations by a massive. Out of the total priority sector credit of Rs. the dayobserved as the World Arbor Day. Cancer Society of Kashmir andso on.918. 6. to the people of South Kashmir. The Bank played a lead role in providing relief and rehabilitation inFrislan.000 saplings of various species were planted throughout thestate of Jammu and Kashmir. More than thirtyhouses were destroyed in a devastating fire in Frislan. out of the total ACP target of Rs.87th and 88th to review performance under ACP.123. 4. leaving victims homeless and in astate of despair. and the other on 28th March. with Ranibagh. for the treatment of hemophilia patients from Tullwari.2013 of the Steering Sub-Committee of J&K SLBC to monitor flow of credit to theAgriculture Sector A meeting of the sub-committee of State Level Inter-InstitutionalCommittee (SLIIC) to discuss . which was adopted by the Bank in 2011.14 Crores. The highly acclaimed CSR programme of the Bank to develop andmaintain parks for providing means of entertainment to the people of the state. The State Annual Credit Plan for the FY 2012-13 was launched in time and itsimplementation was monitored on quarterly intervals in State Level Bankers’ Committeemeetings. 3. 86th. banks operating in the state disbursed credit of Rs.225. week-longplantation drive.

Udhampur. Government of India. was formulated as per regulatoryrequirements of RBI. • The district level and block level meetings. such as DCC/ DLRC/ BLBC and otherrelative meetings under Lead Bank Scheme held during FY 2011-12. viz. Punjab National Bank (294villages).026 villages) and EDB (238 villages). Bandipora. given in the Special SLBC meeting). leaving only nine villages uncovered due to lack of connectivity andother infrastructural deficiencies at these places. Baramulla. Accordingly. State Bank of India has set up nine RSETIs up to theend of March.2013.314 villages) set for FY 2012-13 has been already accomplished up to 31st March.918. 2012 (to complywith the directive of Governor. 4. • The Roadmap for coverage of 5. thereby achieving 103% of its annual ACPtarget. J&K Grameen Bank (1. Reasi. • The State Level Steering Committee (SLSC) on RSETIs held on 15th July. 3.225. J&K Bank has already set up 12 RSETIs in its allocated 12 leaddistricts of Srinagar.22 Crores. 2013-14. SBI (753 villages). Out of the total priority sector credit of Rs.000) wasalmost accomplished.14 Crores disbursed by all banksin the State upto 31st March. Anantnag. Doda. • The bi-annual meeting of Chairman. Responsibility of setting up of RSETIs in J&K State: In terms of Ministry of Rural Development guidelines. 2014-15 and beyond 2015. with all the Lead DistrictManagers of J&K state at Srinagar.Pulwama.582 villages (having population below 2. Shopian. RBI.000)during FY 201213. J&K Bankand SBI.Kishtwar and Leh. setting upthe Rural Self Employment Training Institutes (RSETIs) in all the districts of J&Kstate was assigned by Lead Bank Department/J&K SLBC to two Banks.rehabilitation of sick MSME units in J&K State held on3rd August. Kulgam. 2013. J&K Bank (3. • A Meeting of the Sub-group of J&K SLBC constituted to prepare a WorkableAction Plan for enhancing C. Implementation of Financial Inclusion Plan (FIP) • The target of providing Information and Technology Communication (ICT)-basedbanking services in 795 identified unbanked villages (having population over 2. viz.D. Ramban. at Srinagar. Ganderbal. 3. Poonch and Rajouri. which accounts for a lion’s share of 66% of the total flow of credit topriority sector by all banks in the state. 2013 in districts of Jammu. Kathua. as per schedule in alldistricts. Samba. 2012. Kupwara. which were allocated to five participating banks.67 Croresagainst the target of Rs. 2012. as per GoI. Budgam. J&K Bank alone has disbursed Rs. J&K Bank. . MoF Directive.Ratio of J&K State held on 12th April.123. Itsimplementation is being vigorously monitored by Lead Bank Department and over 90% of thetarget (1.271 villages).

100% coverage of farmers under KCC Scheme: The initiative of 100% coverage of farmers under KCC Scheme was launched in J&Kstate in terms of GoI.52% from 36.2009. MoF directives. 858. stood at Rs. thereby registering a growth rate of 15. 2013. 2009.024. as on 31st March. 1976 vide F. 2013. 1/4/2006-RRBproviding for amalgamation of Kamraz Rural Bank and Jammu Rural Bank into a single newRegional Rural Bank under the name of J&K Grameen Bank with its Head Office at Jammuand has commenced business from 01. 2013. The timelines for covering total 12.165.07. Deposits The deposits of the Bank have increased from Rs.Responsibility of setting up of FLCs in J&K State: In terms of RBI guidelines.50Crores. 2012. Priority Sector Advances The priority sector advances of the Bank. Regional Rural Bank sponsored by J&K Bank: The J&K Grameen Bank has come into existence on 30th June. 1. registering a growth rate of 18.84 lacs farming families in J&K State hasbeen extended by GoI to 30th June.70%. No. as on 31st March. Up to the end of March. 2. 17.875.16 Croresduring FY 2012-13. 677. Agriculture Department. MoF. CD Ratio The CD Ratio of the Bank has increased by 3. 3. 600.94 Crores. Its implementation is being vigorously pursued withall the stakeholders including banks. target of setting of Financial Literacy Centres (FLCs) inall the districts of the state has been fully accomplished with J&K Bankoperationalising 12 FLCs in its 12 allocated lead districts and SBI operationalising 10FLCs in its 10 allocated lead districts.22 Croresduring FY 2012-13.45%. 2013.46%. 2013. with the issuanceof statutory notification by GoI. asagainst Rs.66% as on 31st March. Lead District Managers andso on. to39.21 Crores to Rs.14%. as . 2.88 Crores on the corresponding date of the previous year. Department of Financial Services under sub-section(1) of section 23 (A) of the Regional Rural Banks Act. stood at Rs.553. Business The business of the bank increased from Rs. as on 31st March. recording agrowth of 26.09 Crores to Rs. 50% of the targethas already been achieved. Advances The gross advances of the Bank.

81% of gross advances. Financial Inclusion The objective of financial inclusion is to reach out to the large hitherto unbankedpopulation and extend financial services to unlock its growth potential. The Net NPA.38%. as on 31st March. Profit per Branch Profit per branch.61 Crores. stood at Rs. comprising 535SLBC-allocated above-2. Profitability The bank has shown operating profit of Rs. stood as Rs. 460. which accounts for 1. Business per Employee Business per employee. 15. The Bankformulated FIP envisaging reaching out to and providing banking outlets for delivery ofbasic banking services in 1.64%. is 11. 2013. 2013. (Pre-audit figures) CBS/ Computerisation The Bank has achieved 100% CBS rollover of its branch network. as on 31st March.91% of total advances. as on 31st March.04 Crores.36 Crores.69 lacs. 2013.accounting for 6. stood as Rs. 10. Profit per Employee Profit per employee.91% of net advances.56 Crores on the corresponding date of the previous year. much above the benchmark of 60%.50 Crores. stood at Rs. as on 31st March.000 population villages . as on 31st March.260 identified unbanked villages. NPA Position The gross NPAs of the Bank. as on 31st March.39 lacs. 58. 18. Portion of advances to the priority sector accounts for69. as on 31st March. Business per Branch Business per branch. 2013. 2013. 2. 2013. as on 31st March. 21. 15. 2013. Capital to Risk-weighted Asset Ratio The CRAR position of J&K Grameen Bank.against Rs. muchabove the mandatory requirement of 9%. stood at Rs. stood at Rs.recording a growth of 30. 3.50 Crores. 2013.

2013 • 1.09 lac accounts have been opened in 1.000 to be provided with BC coverage by the end of March.000 population villages and 981 below-2.819 smart cards have been issued in 15 RBI-selected villages.178 villages in the population rangeof below 1.928 villages to BCs for extending ICT-enabled financial services through theoperation of smart cards. 1.53 lac Smart Cards have been delivered to concerned business units for beingenabled for operations • Point of Transaction (PoT) devices have been deployed at BCs and business unitsas terminals to facilitate smart card transactions.60% in 1. • Household coverage has reached 54. Apartfrom above. EBT/ISSS/ NOAP/ MGNREGA • The Bank has initiated the process of bringing ISSS/ MGNREGA account holders inthe ambit of EBT under e-governance programme and provided them facility of availingICT-enabled .928 identified unbanked villages have been provided with BusinessCorrespondents (BCs). • 9. 2012 and 2013. under aself-set target to be completed by the end of March. RBI adopted model Villages (Progress/ Achievements) • 15 model villages selected by RBI for 100% financial inclusion in the state havebeen allocated to J&K Bank. SLBC has also allocated 2. 2013. SLBC has also allocated 1.093) identified and allocated villages.000population villages to be covered from April.093 villages in the population range of above 1. 527above-2.260+1.48 lac other accounts.61 lacno-frills/saving bank deposits accounts and 4.and 725 other unbanked villages. 2013 to March. with coverage comprising 420 self-set target villages. Financial Inclusion Department hasrolled out 1.928 villages. • 4. • 629 Village Level Entrepreneurs (VLEs) of CSCs have been engaged as BCs and arelinked to 351 base branches/business units for providing ICT-enabled financial services. 2016. The FIP rolloutis based on a mix of branch network and BC model on engagement of CSCs by delivery ofservices through smart cards.000 to be provided with BC coverage by the end of March.000 population villages.271 below-2. comprising 4. FIP Achievements/ Progress as on 31st March. The Bank has already submitted Board-approved FIP to RBI for 3. respectively.000and less than 2.928 rolled out villages. 2016.353 (1. Out of2. which are operational and transactions are taking placethrough the operation of smart cards. • 1.

Corporate Governance J&K Bank has established a tradition of exemplary practices in corporategovernance. M. • Mr. besides certificate from the Central Statutory Auditors regardingcompliance of conditions of Corporate Governance as stipulated in Clause 49 of the ListingAgreement. • With a view to broad-basing the Board. 2012 and was recalled by the State Government of J&K with effect from23rd April. Finance Department.2012.2012. wasnominated by the Government of J&K as Director on the Board of the Bank with effectfrom 8th July. 20. Name of the Board of Directors of the Bank 1. an eminentpersonality.779 persons have attended the camps. • Mr.07. The Bank has appointed financial literacy facilitators andall the FLCs have been made operational in the allocated lead districts of the bank in thestate. 2. The Bankhas gained immensely from his guidance and wide ranging experience and expertise. 21. It encompasses not only regulatory and legal requirements. 2013. M. J&K SLBC has assigned setting up of FLCs in12 lead districts of the state. but also severalvoluntary practices. • Enrolment process for delivery of banking services to ISSS/ NOAP/ MGNREGAbeneficiaries through the micro products under financial inclusion is underway.07. 19. Mushtaq Ahmad Chairman & CEO . Mr. and are eligible for reappointment.e. was reappointed as Additional Director of the Bank w.f 16. were reappointed as Directors at thelast Annual General Meeting of the Shareholders of the Bank held on 14. Matto and Prof. 1956. Principal Secretary to Govt. Financial Literacy cum Credit counselling centres • In compliance to RBI Directive. Several matters have been voluntarily included in the statement on corporate governanceannexed to this report. Nisar Ali retire by rotation at the ensuing AnnualGeneral Meeting. Garware. Board of Directors • Mr. in accordance with Article 76 of the Articles of Association of the Bankand provisions of Companies Act. Vikrant Kuthiala. aimed at a high level of business ethics. effective supervision andenhancement of stakeholder value. Nihal C. services. 357 outdoor financial literacy camps have been conducted in the lead districts and41. Shahdad and Mr. I. Mohammad Iqbal Khanday. A.

In the preparation of the annual accounts. along with proper explanation relating to material departures. 3. M.000/. We have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent to give a true and fair view ofthe state of affairs of the Company at the end of the financial year and the profit/lossfor the period under report. 1975. We have prepared the annual accounts on a going concern basis.00.2. I. Mr. Mr. R. Employed throughout the financial year and in receipt of remuneration aggregatingRs. read withthe companies (particulars of employees) rules. Nihal C. Matto Director 7. In Nature of employ ment Date of Age of Last Experie Qualifica commence emplo employ nce in tion ment the of yee ment year employme (years) held .or more per annum Name S. 1956. M. for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities. 60. Mr. Mr. K. We have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act. Shahdad Director 4. Hari Narayan Iyer Director 3. Directors Responsibility Statement The Board of Directors hereby confirms that: 1. A. Vikrant Kuthiala Director 5.are as under: 1. Gupta Director 8. Nisar Ali Director 6. Mr. 23. the applicable accounting standards havebeen followed. for the year ended 31st March. Particulars of Employees Particulars of employees as per section 217(2a) of the companies act. Mr. 4. 1956. 2013. Prof. 2. Garware Director 22. of No Emplo yee Designat ion/ Nature of Duties Remunera tion received (Rs.

shareholders.or more per month . ReserveBank of India.of Company Affairs. The Directors place on record their deep appreciation of the valuable contributionof the members of the staff at all levels for the progress of the Bank during the year andlook forward to their continued cooperation in realisation of the corporate goals in theyears ahead. 24. The Directors acknowledge with gratitude the valuable and timely advice. guidanceand support received from Government of India. The Directors thank the valued customers. For and on behalf of the Board of Directors Mushtaq Ahmad Chairman & CEO Place: Srinagar (J&K) Date: 15th May. Employed for part of the financial year and in receipt of remuneration aggregatingRs. Registrar of Companies. well-wishers andcorrespondents of the Bank in India and abroad for their goodwill. FEDAI.A: employm CAIIB-I ent of the Bank 40 years 06-10-2010 63 2. Dept. Insurance RegulatoryDevelopmental Authority (IRDA). Securities and Exchange Board of India (SEBI). IBA. Stock Exchanges. b. aq Ahma d Chairman & Chief 60 Executiv e Officer In whole time B. Musht 1. Government of Jammu & Kashmir. SIDBI.00. 5. FinancialInstitutions and the Central Statutory Auditors of the Bank in the functioning of theBank. FIMMDA.lacs) nt before joining the Compan y J&K Bank Ltd. 2013 . patronage and support.nil. Comptroller & Auditor General. Mr. Acknowledgements a. NABARD.000/. c.