The Bank is not just a department that deals with money, it’s a socio-economic institution
At present it is is one of the prominent banks in the country with huge deposits and investments and has diversified beyond traditional banking operations
The Jammu and Kashmir Bank founded by late Maharaja Hari Singh in 1938 was a watershed in state’s financial and banking sector. Prior to this state-owned public-private partnership banking initiative, the financial scenario of Jammu and Kashmir was dominated by the exploitative private financial institutions and crude moneylenders. Hari Singh was an autocrat and autocrat is an autocrat by all standards and means. But as an administrator and head of the state, he was a visionary. JK bank was his brainchild to cater to the financial requirements of his much-cherished conception of the sovereign state of Jammu and Kashmir—independent of influential neighboring states. JK banks shaping in the late thirties should not be studied in isolation. state subject law promulgated by Maharaja Hari Singh in 1927 was his well-thought strategy for greater and autonomous Jammu and Kashmir and so was the JK bank. Anyways, whatever the late Maharaja’s plans—either to have an independent state for his subjects or to secure the interests of his dynastic rule, one thing is clear that Hari Sing not only conceived an idea of the state-centric loyal banking system but implemented it beyond the autocratic protocol by inviting private investors.
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