Secretary Cooperative Department, Yasha Mudgal, chaired a meeting to review present status, working and financial position of the Cooperative Banks in UT. The meeting was attended by Additional Secretary, Cooperatives, Deputy Secretary, Cooperatives, FACAO Cooperatives, Managing Director CCBL, Managing Director, JCCB and GM SCARD .
During the meeting, Managing Director , JCCB, made a presentation highlighting the financial position achievements and issues related to the Bank’s performance. During the presentation it came to light that the said bank is still not CBM compliant which is a big roadblock for its financial growth and lending capacity of the bank. The Secretary directed the MD to confirm to the said norms immediately by initiating the process for the same .
MD CCBL, apprised the Secretary about the working of the Bank and informed that the Bank has succeeded in achieving their set target during financial year 2020- 2021.He gave a detailed review of 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 Union Territory 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 upliftment of the deprived strata of the society. She urged upon the officers for quick and timely removal of bottlenecks in the execution of various schemes, strengthening of the banking network and minimizing inconvenience to the people besides upliftment of farmers.
The two banks reviewed were also directed to bring their CRAR at 9% and NPAs to 6% as per the RBI norms.