AJK President seeks scheduled bank status for BAJK

Says the bank was established to play its socioeconomic role in the state

MUZAFFARABAD: Azad Jammu and Kashmir (AJK) President Sardar Masood Khan has sought State Bank of Pakistan’s help for giving the Bank of Azad Jammu and Kashmir (BAJK) the status as a scheduled bank.

The president took up the matter with State Bank of Pakistan Governor Mr Tariq Bajwa who called on him at the President House on Friday.

The president informed the State Bank of Pakistan governor that the BAJK was established by AJK government back in 2005 to play its role in socioeconomic development of the state.

The President requested that as a first step State Bank should allow BAJK for opening foreign currency accounts to facilitate the families of those settled and living abroad.

He assured that Bank of AJK will remain compliant to all foreign exchange regulations and other instructions issued by the State Bank of Pakistan from time to time.



The president further apprised the State Bank governor that AJK today represents a growing market of customers with an appetite for quality banking services. The area is potential market for banks ensuring reasonable growth both in terms of deposits and other products such as retail banking, remittance services and technology advance projects.

Bajwa said that the SBP is keenly interested in growing consumer and industrial market of Azad Kashmir.

He said that the SBP will take all necessary measures to make banking sector in AJK robust.

The AJK president also briefed the SBP governor about the positive economic outlook of Azad Kashmir.



He said that the recent entries in the development budget and host of initiatives taken in the infrastructure and social development sector provide huge stimulus in the sector.

The president requested SBP to provide an enabling environment for the further growth of the banking sector by removing impediments on the way of its rapid progress and growth.