| The bank also proposes to open a representative office in Dubai and branches in Kuala Lumpur and London as part of its efforts to tap NRI remittances. |
| "We will be applying to the RBI to revive our two branches in the Pak-occupied Kashmir," Jammu and Kashmir Bank Chairman M Y Khan said yesterday. |
| The two branches in the PoK are in Muzzafarabad and Mirpur. |
| Besides, the RBI approval, the bank would have to get the necessary clearances from the finance and home ministries apart from the concerned Pakistani authorities. |
| The plans were being made in the wake of the improving relations between the two countries, he added. |
| On the bank's future plans, Khan said he was expecting the business to cross Rs 27,000 crore and saw a net profit of over Rs 400 crore by March-end. |
| The bank had reported a business of Rs 22,686 crore and a net profit of Rs 337.75 crore in the last financial year. |
| Advances are poised to cross Rs 9,500 crore, while deposits are projected to rise to over Rs 16,500 crore this year as compared to Rs 8,010.95 crore and Rs 14,674.9 crore, respectively, in 2002-03. |
| With a capital adequacy ratio of over 17 per cent, Khan said, there was no need for further capital infusion in the near future. |
| J&K Bank's capital and reserves stood at Rs 1,242 crore in 2002-03 and it recently tapped the market, mopping up Rs 75 crore through borrowings. |
| The bank is expected to start Internet and mobile banking operations within a week and is planning to make it big on ATM network. |
| Khan said the bank was planning 300 ATMs by the next financial year (2004-05) as compared to 113 ATMs as of now. Besides, it has entered into ATM-sharing agreements with the SBI, ICICI Bank and the Punjab National Bank. |
| Through its network sharing with the SBI and the ICICI Bank, the J&K Bank's customers would have access to around 3,500 ATMs. |
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