Jammu & Kashmir Bank???s subsidiary - JKB Financial services has been permitted by RBI that in addition to stock broking services it can undertake the following activities of Depository Services and Collection of Utility Bills. Further RBI has also permitted the banks subsidiary to enter into distribution of Life & Non-Life Insurance, Mutual Funds and Credit Cards. Recently, the State Government has overdrawn Rs 2,300 crores from Jammu and Kashmir Bank (J&K) in the form of outstanding overdraft (OD) facility. In accordance with the recommendations of the 13th Finance Commission and with the help of union finance ministry the liability will be wiped out in one go. The outstanding overdraft amount would be paid soon to the bank. Jammu and Kashmir Bank has a pan-India presence through its network of 556 branches, out of which 344 branches are located in semi-urban and rural areas. It also includes extension counters and service branches. The bank has a network of 212 ATMs which is the largest ATM network in J&K. It is the only bank in private sector that has been designated as agent of RBI for banking.
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