MUZAFFARABAD, May 17: The Azad Jammu and Kashmir cabinet here on Tuesday approved a bill providing establishment of the AJK’s own bank to render commercial and investment banking services in the state and outside. The Bank of Azad Jammu and Kashmir would initially have two branches, one in Muzaffarabad and other in Mirpur, and its headquarters would be located in Muzaffarabad, decided the cabinet which met with Prime Minister Sardar Sikandar Hayat in the chair.

The main objectives of the bank, as described at the cabinet meeting, will be to mobilize public savings and funds, promote industrial, agriculture, rural micro financing and other socio-economic processes through active participation of private and public sectors, create employment opportunities and guide and assist the expatriate Kashmiris to effectively and profitably invest their foreign savings.