Credit rating agency, CARE has reaffirmed ‘AA’ rating to Lower Tier II Bonds worth Rs 600 crore of Jammu & Kashmir Bank (J&K Bank). The bank has received the said rating reaffirmation on the back of its long-standing track record, comfortable capitalization levels and a strong low-cost deposit base. Majority ownership by the Government of J&K and the bank’s strategic business position in the state of Jammu & Kashmir (J&K) further provide credit strength.
Government of J&K holds 53% of the equity in J&K Bank. The bank operates through a network of over 603 branches and 508 ATMs (as on March 31, 2012) across the country. Around 496 branches were in J&K.
