BAJK Remittances Surge To Rs 4.6 Bln

Faizan Hashmi Published September 12, 2023 | 09:23 PM

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, in a short span of three years, BAJK remittances increased from Rs.800 million to Rs.4.60 billion

MUZAFFARABAD, (UrduPoint / Pakistan Point News - 12th Sep, 2023 ):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, in a short span of three years, BAJK remittances increased from Rs.800 million 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.

This was said in a review meeting Bank AJK officials held under its Chief Executive Officer Khawar Saeed regarding the promotion of the bank's business here on Tuesday.

The Chief Executive Officer said that the bank has signed agreements with 2 more credible companies after Western Union for quick and timely collection and payment of remittances from all over the world.

Earlier, the bank signed agreements with RIA and Money Gram.

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 800 million rupees, which increased to 4.60 billion rupees on 31 December 2022 and 3.94 billion rupees in 8 months of the current fiscal year. This increase was the highest ever since the bank's inception.

The CEO said that 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 CEO Khawar Saeed, the tireless and teamwork of the staff, and the support of the valued customers.