Demonetisation, Article 370 Effect: J&K Bank Sinks Into Losses

by GoNews Desk Aug 09, 2020 • 03:19 PM Views 419


Jammu and Kashmir Bank, which once earned profit year after year, is now going through a difficult period. As per the data, during demonetisation J&K Bank incurred huge losses and it's profit reduced to Rs 416 crore in 2016 from Rs 1,482 crore in 2014. The Kashmir Chamber of Commerce & Industry estimated that since August 2019 (abrogation of article 370), there was a loss of about Rs 40,000 crore in the Kashmir Valley which had a direct impact on the financial condition of J&K Bank