Yasha Mudgal reviews functioning of Cooperative banks in J&K
Exhorts for grant of loans to maximum agriculturists, horticulturalists
JAMMU, MAY 6 (KB): Secretary Cooperative Department, Yasha Mudgal, today chaired a meeting to review working of Cooperative Banks in the Union Territory of Jammu and Kashmir.
The meeting was attended by Additional Secretary, Cooperatives, Deputy Secretary, Cooperatives, Financial Advisor Cooperatives, Managing Director Citizen Cooperative Bank Limited (CCBL), Managing Director Jammu Central Cooperative Bank (JCCB) and General Manager J&K State Cooperative Agriculture and Rural Development Bank (SCARDB).
During the meeting, MD JCCB made a presentation highlighting the financial achievements and issues related to Bank’s functioning. He informed that the bank is still not CBM compliant which is a big roadblock for its financial growth and lending capacity.
MD CCBL apprised the Secretary about the working of the Bank and informed that the Bank has succeeded in achieving its set target during financial year 2020- 2021. He gave a detailed description about working of the bank and stated that it is providing Medium Term and Long-Term financial support to the agriculturists and horticulturists for various activities.
Secretary said that the majority of the population of Jammu and Kashmir is dependent on agriculture and horticulture sectors and so it is necessary to promote and strengthen the Cooperative banks at all levels. She asked the bank authorities to ensure grant of loans to maximum agriculturists and horticulturalists of the Union Territory.
Secretary said that the primary goal of Cooperative credit structure is to facilitate socio-economic uplift of the deprived strata of the society. She urged upon the officers for quick and timely removal of bottlenecks, if any, in execution of various schemes strengthening the banking network and minimizing inconvenience to the people besides uplift of farmers.
Secretary asked the banks to bring their CRAR at 9 per cent and NPAs at 6 per cent as per the RBI norms. (KB — Kashmir Bulletin)