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Despite higher COVID-related provisioning, J&K Bank has posted profit for the third consecutive quarter of the current financial year. The bank stated this today after its Board of Directors reviewed and approved the 3rd quarter and nine-month results (31 December 2020) at a meeting at bank’s corporate headquarters, here. Backed by higher Net Interest Income (NII), the Bank’s profit is up by 32.84% YoY at Rs 65.94 Cr against Rs 49.64 Cr recorded for the…

The Reserve Bank of India (RBI) will now have to let the yields spike, unlike 2020 when it could tame it under 6 per cent, according to a report on Monday. The central bank, responsible for the issue and supply of the Indian rupee and the regulation of the country’s banking system, is tasked with managing a high flow of central government papers to the tune of Rs 12.1 lakh crore next fiscal year (FY).…

Srinagar: The Government of India on Monday proposed Rs 30,757 crore grant for Jammu and Kashmir for the next fiscal. Finance Minister Nirmala Sitharaman made the allocation for the UT while presenting the union budget for the coming fiscal. The grant for Jammu and Kashmir is equal to last year’s transfers. This means that there is unlikely an increase in Jammu and Kashmir’s Budget, likely to be presented later this month in the Parliament. …

Finance Minister of India Nirmala Sitharaman announced an outlay of Rs 35,000 crore for India’s coronavirus vaccination programme, while presenting the Union Budget 2021-’22 in the Parliament on Monday. The government will make more allocations to this fund, as and when required, she added. Sitharaman said that the proposals made in this year’s Budget rest on six pillars. These are health and well-being, physical and financial capital and infrastructure, inclusive development for “ an “aspirational…

Srinagar: In its circular instructions issued by the Finance Department, JK administration enjoins upon the Controlling officers/DDOs that all the government transactions shall be made through electronic mode mandatorily without involving any cash transactions except for very small denominations. Even it has been impressed upon the autonomous bodies/PSUs operating through bank accounts to adhere to digital/DBT payment mode exclusively. This has been ordered to ensure transparency and accountability in the transaction of Government business and…

On May 27, Zubair was told by the Finance department to stop coming to the office ‘for a while’ as RBI ‘will give clearance within few days’. After six months of wait, he is yet to receive the promised clearance  Uncertainty looms large over the appointment of Zubair Iqbal as JK Bank’s first Managing Director as Reserve Bank of India (RBI) drags its feet over sending clearance for his appointment even after a six-month delay.…