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Yasha Mudgal reviews functioning of ACCB

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JAMMU: Commissioner Secretary, Cooperative Department, Yasha Mudgal, today chaired a meeting to review the functioning of Anantnag Central Cooperative Bank (ACCB) here at the civil secretariat.

The meeting was attended by the Registrar Cooperative Societies, Managing Director ACCB, BCCB, Director Finance, Cooperative Department, Joint Registrar Societies (Banking & Finance), branch heads of ACCB and BCCB and other concerned officials.

The Commissioner Secretary directed the officers to focus on loan sanctioning and disbursement thereof for the revival of branches of the banks. She also directed for redoubling efforts towards achieving the set target.

Yasha stressed that the bank should focus on various points including attainment of a minimum level of CRAR, reduction of NPA level, enhancement of deposits, building up a strong management information system and implementation of core banking solutions to achieve the set targets of the current financial year.

The Managing Director briefed the meeting that a target of Rs 12.84 crore was allocated to the bank to be recovered up to October 2023 against NPAs of Rs 16.6 for March 2023. He added that the bank was also given a target of fresh loan disbursement of Rs 44.77 crore up to October 2023.

He further elaborated that the bank has released Rs 27.61 crore against a target of Rs 44.77 crore up to October of the current financial year making 62 percent achievement with a shortfall of Rs 17.16 crore.

MD ACCB also briefed the meeting that out of 264 NPA accounts, 14 NPA have been closed by the end of September 2023. He said that the bank recovered an amount of Rs 4.73 crore up to October 23 making a 37 percentage achievement.

MD, ACCB also said that the bank has taken up other recovery initiatives for physical possession of those account numbers to repay the amount to the bank. He stated that the mentors personally visited those branches suffering losses shown as per the monthly report of the bank to recover the amount from the defaulters.

The Commissioner Secretary directed the Bank to increase profitability and focus on branches which still need to turn around. The MD informed that out of 34 branches of ACCB, 26 are currently under profit and he assured that necessary steps are being taken to make the remaining branches profitable as well.

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