J&K Bk aims to be top commodities funding bank

Jammu and Kashmir Bank is aiming at becoming a top commodities financing institution in the next few years to tap the huge potential in the sector.

"J&K Bank could emerge as a commodity financing bank in the next three to five years," chairman and CEO Haseeb A Drabu said.

Bullish on commodities, Drabu said once the futures and options (F&O) market develops, it will give excellent returns. The bank may lend about Rs 300-400 crore to the commodities sector this fiscal, he added.

The bank, in which the government of J&K holds 53% stake, is also planning  to lend aggressively in the state. "About 70% of the bank's lending is outside the state. We want to reverse the trend and lend more in the state as economic activity has picked up here," he said.