Muzaffarabad: Bank of Azad Jammu and Kashmir (AJK) has achieved a significant milestone as its remittances, also known as home remittances, have surpassed the highest level of 6 billion rupees. This remarkable achievement is attributed to the strong confidence of Kashmiri immigrants and the effective strategies implemented by the institution.
Following the recent agreement with Western Union, in addition to existing agreements with Haria (RIA) and Money Gram (Money Gram), remittances have been on the rise. In 2019, remittances stood at 80 crore rupees. However, the bank has witnessed a substantial increase in remittances, which have now reached a record level of 4.6 billion rupees.
During a review meeting chaired by Mr. Khawar Saeed, President and Chief Executive Officer of the bank, it was highlighted that remittances have seen a significant surge of approximately 4 billion rupees since 2019. This surge in remittances marks the highest increase ever since the establishment of the bank, reflecting the strong trust of overseas expatriate customers in the institution.
Mr. Khawar Saeed also noted that the bank is not only achieving milestones in remittances but is also making strides in accomplishing other business objectives while expanding its network. Under the guidance of the state’s financial institution and the independent government, particularly the chairman of the board of directors, the Bank of Azad Jammu and Kashmir has made remarkable progress.
This achievement signifies a testament to the dedication and effective management of the Bank of Azad Jammu and Kashmir in serving the financial needs of the people and facilitating economic growth in the region.