The Bank of Azad Jammu and Kashmir (BAJK) informed on Friday that it has successfully met the State Bank of Pakistan’s (SBP) minimum paid-up capital requirement of Rs. 10 billion, a critical step toward obtaining Scheduled Bank status, following a final equity injection of Rs. 2.9 billion from the Government of Azad Jammu and Kashmir.
The bank’s Board of Directors, in its 95th meeting, formally approved the issuance of shares to the AJK Government, thereby completing the equity fulfillment process. The Board observed that this action removes the last significant barrier to achieving its long-sought Scheduled Bank designation.
The meeting was chaired by Mr. Ch. Qasim Majeed, the AJK Minister for Finance and Inland Revenue and Chairman of BAJK, and attended by key officials including President and CEO Mr. Shahid Shahzad Mir.
The Board extended its unanimous gratitude to the AJK government, particularly commending the Prime Minister of AJK for prioritizing the bank’s upgrade. The Prime Minister”s approval of the Rs. 2.9 billion equity infusion during the inaugural cabinet meeting was highlighted as a demonstration of commitment to regional financial stability.
Chairman Ch. Qasim Majeed described the achievement as a “defining milestone” that marks the “beginning of a new era” for the financial institution. He stated that BAJK is now fully prepared to fast-track the remaining regulatory procedures with the State Bank of Pakistan.
The Chairman instructed the bank”s management to proceed without delay on the final formalities required for the status upgrade and to maintain a sharp focus on governance, operational excellence, and the expansion of services.
The meeting concluded with a renewed pledge to develop BAJK into a modern, financially robust, and nationally competitive banking entity dedicated to serving the people of Azad Jammu and Kashmir.