Srinagar: JKB Financial Services Limited a wholly-owned subsidiary of J&K Bank held its 13th Annual General Meeting (AGM) at its Corporate Office Srinagar.
J&K Bank Chairman & Managing Director, R. K. Chhibber, chaired the meeting that was attended by the Directors-on-Board of the Company and the shareholders.
The shareholders of the Company reviewed and approved the financial results of the company for the FY 2020-21. Besides, they approved the re-appointment of Rakesh Koul as Director on the Board. The members also approved the increase of authorised share capital of the company from Rs 30 crore to Rs 40 crores.
During the AGM, the resolution for amendment in Memorandum of Association of the Company to increase the authorised share capital to Rs.40 Crore was also passed by the shareholders.
Speaking at the AGM, the Chairman apprised the shareholders about the business strategy of the company which includes making its financial products accessible to the local population of J&K and Ladakh through the vast network of branches of J&K Bank.
He also informed the shareholders about the plans of the Company to upscale its digital services to meet the dynamic customer needs and expectations. “These new plans are in the final stages of rollout and along with the proposed increase in the capital of the Company it is all set to become a major player in its segment in this geography.” he added.
On the occasion, directors on Board of the Company Sunil Gupta, Rakesh Koul, Nishi Baru, Nisar Zargar, Managing Director Muzzafar Wani and CFO Pankaj Gour were present.
