RBI grants pan-India licence to J&K State Cooperative Bank for biz activities

SRINAGAR: The Reserve Bank of India has granted a licence to Jammu and Kashmir State Cooperative Bank to carry out business activities in any part of the country, an official spokesperson of the state government said today.

Minister of State for Cooperatives, Finance & Planning Manohar Lal Sharma announced the grant of licence by the RBI at a high-level meeting of bank officers here yesterday, according to the spokesperson.

"It is a matter of pride for the state to get the (RBI) licence for a public sector bank," Sharma said, expressing hope that the bank will be able to expand its activities into other parts of the country besides Jammu and Kashmir.

"This is an indication of excellent performance of the bank, which has paved the way for granting the licence," the minister asserted.

He directed J&K State Cooperative Bank Managing Director to speed up efforts to promote the business activities of the bank.

The minister asked him to identify potential areas for establishment of more branches so that the network of the bank can be strengthened.

Source: EconomicTimes