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J&K Bank to revive PoK branches

March 17, 2004 17:51 IST

Jammu and Kashmir Bank plans to ask the Reserve Bank of India permission to revive the long-suspended operations of its two branches in Pakistan-occupied Kashmir, bank Chairman M Y Khan said in New Delhi on Wednesday.

The bank also proposes to open a representative office in Dubai and two branches in Kuala Lampur and London as part of efforts to tap non-resident Indian remittances, he said.

The two branches in PoK are in Muzzaffarabad and Mirpur.

Besides approval from the RBI, the bank will have to get clearances from the finance and home ministries and Pakistan authorities.

On the future of bank, Khan said he was expecting the business to cross Rs 27,000 crore and a net profit of over Rs 400 crore by March 31, 2004.

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