Jammu- The government has infused Rs 366 crore in three cooperative banks of Jammu and Kashmir for revamping their financial health.
Yasha Mudgal, secretary, J&K Cooperative Department, said the central government has recently released Rs 366 crore under recapitalisation package and this amount has been transferred to three cooperative banks, including Jammu Central Cooperative Bank, Anantnag Cooperative Bank and Baramulla Central Cooperative.
According to Mudgal, the package was sanctioned in 2018 by the central government but the amount could not be released due to some technical issues.
The fresh capital will help the three banks in managing their affairs and attaining the required Capital to Risk Asset Ratio (CRAR), she said.
These banks were de-licensed by the Reserve Bank of India because of poor liquidity position.
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