Why in news:

• The Jammu and Kashmir Bank has announced that it has surpassed the Digital Payment Transaction target allocated by MeitY for the financial year 2021-22 and has been awarded for promoting digital transactions.

Key Points:

• With the proactive measures taken to encourage digital payments, the Jammu and Kashmir Bank has successfully surpassed the Digital Payment Transaction target allocated by The Ministry of Electronics and Information Technology (MeitY) for fiscal year 2021-22.
• The Bank has bagged an award for its outstanding performance in promoting digital payments during FY 2021-22. The Bank has achieved the 2nd highest percentage of digital payment transactions in the Small and Micro Category of private sector banks.
• In this regard, Jammu and Kashmir Bank Bank Managing Director and CEO Baldev Prakash received the felicitations from Union Minister of Electronics & Information Technology, Railways, and Communications, Ashwini Vaishnaw at ''Digital Payments Utsav'' in the union capital.
  
  
   

Jammu & Kashmir Bank Limited

• Jammu & Kashmir Bank Limited (J&K Bank) is an Indian public sector bank headquartered in Srinagar, Jammu and Kashmir.
• J&K Bank was incorporated on October 1, 1938, by then ruler of princely state of Jammu and Kashmir Maharaja Hari Singh with initial paid up capital of Rs 5.00 Lakh. The bank registered a total business turnover of over Rs.1750 billion as on March 31, 2021.
• The bank commenced banking business on July 4, 1939, and was considered the first of its nature and composition as a state-owned bank in the country. The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.
• Post-independence, the two branches of the Bank out of 10 branches viz. Muzaffarabad Rawalkot and Mirpur (now in Pakistan) fell to the other side of the Line of Control along with cash and other assets.
• The Bank is defined as a government company as per provisions of Indian Companies Act 2013. In the year 1971, the bank acquired the status of a Scheduled bank and was declared an ‘A’ class bank by Reserve Bank of India in 1976.
• J&K Bank is a scheduled commercial bank and one of the oldest private sector banks in India.