By fulfilling the equity requirement to become a scheduled bank under the State Bank of Pakistan, the Bank of Azad Jammu & Kashmir (BAJK) has accomplished a historic milestone. Ch. Qasim Majeed’s unwavering efforts are credited with making this achievement possible: BAJK Meets Equity Requirement for Scheduled Status.
Account holders were concerned and the bank’s expansion was constrained for years as BAJK struggled without scheduled status. It was extremely difficult to get scheduled recognition, but Ch. Qasim Majeed’s perseverance made it happen. The government authorized the transfer of Rs. 2 billion to BAJK in a recent high-level meeting presided over by the Minister of Finance and Inland Revenue. The bank met the State Bank’s requirement of Rs. 10 billion in equity, with Rs. 8 billion already available.
Due to this development, BAJK now satisfies all requirements for scheduled bank status. Additionally, the board has authorized the issuance of shares, opening the door for Azad Kashmir’s financial services to become more robust and modern.
This is a significant accomplishment for Ch. Qasim Majeed, who was inspired to pursue public service by his late father, former AJK Prime Minister Ch. Abdul Majeed, according to observers. He was well-known for initiatives like creating public parks, building medical colleges, and supplying land for cemeteries.
The accomplishment of Ch. Qasim Majeed is being hailed as a historic victory for Azad Kashmir’s financial sector, relieving account holders and bolstering the local economy.
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