State to get assistance for revival of cooperative banks
JAMMU – Stressing that the priority of the government is to bail out ailing cooperative banks in state by the end of this year, Minister for Co-operatives, Chering Dorjay today said that a Memorandum of Understanding (MoU) has been signed between the state and central governments and capital would be infused for the revival of these banks soon.
The Minister was speaking at a function organized by Jammu Central Cooperative Bank as part of ongoing 62nd Cooperatives Week celebrations.
Secretary, Cooperatives, Hilal Ahmad Parray and Registrar Cooperatives Peerzada Mushtaq Ahmed and senior officers of the department were present on the occasion.
Mr. Dorjay said that several revolutionary steps have been taken by the government on the directions of Chief Minister Mufti Mohammad Sayeed to revive these cooperative banks in the state.
The Minister informed that efforts are afoot to upgrade the functioning of the cooperative banks under the radar of the Reserve Bank of India.
He said that Rs 249 crore are required for the revival of three cooperative banks to make these financial institutions competitive one. As the revival of these banks is major issue, the state government with the assistance of Central government and NABARD would bail out these banks by the end of this year, he added.
Speaking on the occasion, Chairman Jammu Central Cooperative Bank Limited informed that the bank is providing banking facilities in every nook and corner of 10 districts of Jammu province through the network of its 89 branches and 16 extension counters. The bank is having deposits of Rs.1501.49 crore whereas the advances of the bank at present are Rs.422.22 crore under Non Farm Sector.
He further informed that in Kharief 2015, the bank has advanced Rs.10.80 crore as crop loan out of which Rs 7.14 crore has been advanced through Primary Agriculture Credit Societies whereas Rs 3.65 crore has been advanced through Kissan Credit Cards (KCCs).
He further said that from the date of inception of the scheme of KCCs, the Bank has sanctioned 38,297 KCCs amounting to Rs 81 crore. As far as the recovery portfolio of the bank is concerned, the same stood at 65 per cent.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.