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Today: Jun 22, 2024

Yasha Mudgal reviews financial status of Co-operative Banks in JK

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JAMMU: Secretary, Co-operative Department, Yasha Mudgal, today chaired a meeting of senior officers to review working of Co-operative Banks working in Union Territory of Jammu and Kashmir.

Threadbare discussions were held on various issues pertaining to different Co-operative Banks including gross and net NPA, deposits, cash in hand, liabilities, CRAR percentage, well-performing branches and steps being taken up to bring down loss percentage and make recoveries better, expansion of well-performing banks and ATM facility of banks.

Registrar, Cooperative Societies, Shafqat Iqbal, Additional RCS Jammu, Nirupa Rai, Director Finance, Co-op Department, Additional Secretary, Co-op Department, Joint Director, Coop Department attended the meeting. 

Managing Directors, State Co-operative Bank, Central Co-operative Bank and SCARD Bank besides General Manager of Urban Co-operative Banks briefed about physical and financial status of their respective banks.

Anantnag Central Co-operative Bank (ACCB) reported 9 branch are in profit and all its 34 branches will be made profitable by March, 2023 and bank was also asked to increase recoveries and improve its CRAR.

MD of Jammu Central Coop Bank (JCCB) was asked to prepare Expression of Interest (EoI) for selection of agency to enable introduction of core Banking System in JCCB. 

It was observed in the meeting that the UCBC were performing well. Devika Cooperative Bank Udhampur was advised to increase its Branches in Udhampur and also open new Branches in Reasi.

Anantnag Urban Cooperative Bank was asked to expand its services in Anantnag and Kulgam districts. Kashmir Mercantile Cooperative Bank will be opening branches in Srinagar and North Kashmir.

The Secretary asked MD SCARD Bank to computerize all the Bank Branches and improve recoveries. He informed that the bank has recovered more than Rs 3 crore in first quarter of 2022-23.

Additional MD JKSCB informed the chair that 34 branches of the bank are earning profit and steps are being taken to improve the remaining 6 out of total 40 branches.

The Secretary impressed upon all banks to improve their CRAR and reduce NPAs by making recoveries and improving banking services. She directed that Banks will submit information to RCS to assess their contribution in the GDP of J&K. 

Registrant Cooperative Societies was also asked to obtain Audit Report of Cooperatives registered under the J&K Self Reliant Cooperative Act of 1999 so that their contribution to the GDP can be ascertained.

It was decided in the meeting that branch wise review of Baramulla Central Cooperative Bank (BCCB) and Jammu CCB shall be taken shortly.

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