The bank AJK remittances increased from Rs.80 crore to Rs.4.60 billion. The Bank of AJ&K has entered into an agreement with Instant Cash and International Money Exchange.

Muzaffarabad  ( Web News )

The Bank of Azad Jammu and Kashmir has entered into an agreement with two more companies, Instant Cash and International Money Exchange, for immediate collection and payment of remittances or home remittances from around the world while as, in a short span of three years, BAJK remittances increased from Rs.80 crore to Rs.4.60 billion. This success became possible due to the strong trust of the overseas diaspora around the world and the effective strategy of the organization.   In a review meeting held yesterday regarding the promotion of the bank’s business, President and Chief Executive Officer Khawar Saeed said that the bank has signed agreements with 2 more credible companies after Western Union for quick and timely collection and payment of emittances from all over the world. Earlier, the bank signed agreements with RIA and MoneyGram. He further said that special desks have been set up in the bank’s designated branches. The bank spokesperson while releasing details said that the State owned  financial  institution’s remittances in the year 2019 were only 80 crore rupees. Which increased to 4.60 billion rupees on 31 December 2022 and 3.94 billion rupees in 8 months of current year. This increase is the highest ever since the bank’s inception.   It is expected that remittances will increase to 6 billion rupees in December 2023. It is worth mentioning here that the BAJK is achieving all business targets including remittances. It was further said in the meeting that BAJK is achieving business goals with the support of the AJK Government, especially the Board of Directors, the supervision of the President/CEO Khawar Saeed, the tireless  and team work of the staff, and the support of the valued customers.