The Secretary of the Department of Cooperatives, Yasha Mudgal, today chaired a meeting to review the operation of cooperative banks in the Union Territory of Jammu and Kashmir.
The meeting was attended by the Additional Secretary of Cooperatives, Deputy Secretary of Cooperatives, Financial Advisor of Cooperatives, Managing Director of Citizen Cooperative Bank Limited (CCBL), Managing Director of Jammu Central Cooperative Bank (JCCB) and the managing director of the J&K State Cooperative Agriculture and Rural Development Bank (SCARDB).
During the meeting, MD JCCB made a presentation highlighting the financial achievements and problems related to the functioning of the Bank. He informed that the bank is still not CBM compliant, which is a major obstacle to its financial growth and lending capacity.
The MD CCBL informed the Secretary of the functioning of the Bank and informed him that the Bank had succeeded in reaching its objective set during the fiscal year 2020-2021. He gave a detailed description of the functioning of the Bank and stated that it provides medium and long term services – Term financial support to farmers and horticulturalists for various activities.
The secretary said that the majority of the population of Jammu and Kashmir depend on the agriculture and horticulture sectors and therefore there is a need to promote and strengthen cooperative banks at all levels. It asked the banking authorities to ensure the granting of loans to as many farmers and horticulturalists as possible in the territory of the Union.
The secretary said that the main objective of the cooperative credit structure is to facilitate the socio-economic upliftment of disadvantaged sections of society. She urged officers to quickly and timely remove bottlenecks, if any, in carrying out various programs strengthening the banking network and minimizing inconvenience to the people in addition to raising farmers.
The secretary asked the banks to lower their CRAR to 9 percent and their NPAs to 6 percent by RBI standards.