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Srinagar, May 19 (UNI) The Jammu and Kashmir Bank has shelved its plan to open a branch at Dubai, but would go ahead with its decision to foray into the overseas market, particularly South Asia, Chairman Haseeb A Drabu said today.

''We have decided against opening a branch at Dubai beacuse so many banks and financial institutions are already functioning there,'' Dr Drabu told a news conference here.

However, he said the Jammu and Kashmir Bank would go ahead with its plans to set up a branch in Uzbekistan this year.

''We will start our global operations with the setting up of a branch in Uzbekistan in coming few months,'' Dr Drabu added.

About reviving branches in Mirpur and Muzaffarabad in PoK, he said they were awaiting mandatory clearances from the authorities in Pakistan in this regard.

''I think licenses of these two branches have not expired. But, we are yet to get official confirmation from the Pakistani authorities,'' the J&K Bank Chairman said.

He also said the bank would increase its presence by adding several new branches in the state and other parts of the country.

UNI AG CS ND1850