Government injects Rs 366 cr for recapitalization of three cooperative banks in J&K – Jammu Kashmir Latest News | Tourism

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J&K cooperative on the way to its rebirth, redesign: Secretary

Excelsior Correspondent
JAMMU, May 30: In a significant development for revamping the financial health of cooperative banks, the government of Jammu and Kashmir has infused Rs 366 crore for the recapitalization of three district central cooperative banks in the territory of Union.
The amount under the “recapitalization package” was recently released and transferred to Jammu Central Cooperative Bank, Anantnag Cooperative Bank and Baramulla Central Cooperative.

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This was revealed by J&K Cooperative Department Secretary Yasha Mudgal during an informal chat with reporters at Press Club Jammu on Monday.
“The package was sanctioned in 2018 by the central government for the revival of cooperative banks in Jammu and Kashmir, but the amount could not be released due to technical reasons,” said Yasha Mudgal, who played a instrumental role in releasing and transferring the amount of the package to the three banks to manage their affairs and achieve the required capital to risk assets ratio (CRAR).
In accordance with the Banking Regulation Act, these banks were removed from license by the Reserve Bank of India because their liquidity position was already bad enough, as well as because of the erosion of their assets. Although they work in the banking field but with some restrictions imposed by the RBI.
Further informing that there will be revitalization and rejuvenation of other cooperative banks also whose financial health has deteriorated, she revealed that the cooperative department has requested a central package of Rs 238 crore for the same demand and a formal request in this regard has already been made.
Listing major initiatives taken by the Cooperative Department for multiple growth of cooperative institutions in Jammu and Kashmir over the past year, Yasha Mudgal informed that Rs 280 lakh has been released for upgrading Super Bazaars at J&K UT, who have also been put on the GeM Portal and run their business professionally.
She also disclosed that a Super Bazaar is being proposed in every district of the Union Territory of Jammu and Kashmir in the coming years and the detailed project reports are being prepared.
Yasha Mudgal said that in the current financial year, the department has achieved a milestone in registrations, adding that in terms of reviving defunct cooperative societies, the department has outdone itself. “For the first time in 2021-22, the Department of Cooperatives registered 64 FPOs under its laws,” she said.
The Secretary further informed that the cooperatives department has achieved 100% end-to-end digitization for the first time, while a departmental portal has been created for the benefit of future beneficiaries for registration to be done in online within two to three months.
“To address the workforce crisis in the department, for the first time, 91 vacancies for deputy registrars have been referred by the Civil Service Commission while the government has forged links with the NCDC , New Delhi and hence under the Commercial Poultry Development Program at J&K, 35 poultry projects so far of various cooperative societies with an estimated cost of Rs 860.92 lakhs have been sanctioned by the NCDC,” said she declared.
Responding to a query, she informed that the department also organizes awareness campaigns across the Union Territory to raise awareness about the cooperative sector and the programs and other benefits provided by the cooperative department to make it a more vibrant sector, profitable and independent. dependent wing.
The Cooperative Secretary also informed that audits of 859 cooperative societies were conducted in 2020-2021 and 849 cooperative societies in 2021-22, while elections of about 70% of the societies were conducted recently.

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