Yasha Mudgal reviews financial status of Co-operative Banks in JK

JAMMU: Secretary, Co-operative Department, Yasha Mudgal, today chaired a meeting of Co-operative department to review working of Co-operative Banks of Jammu and Kashmir.

The meeting had a detailed discussion on various issues pertaining to these banks including gross NPA, net NPA, deposits, cash in hand, liabilities, CRAR percentage, well performing branches and steps being taken up to bring down loss percentage and make recoveries better, expansion of well performing banks, ATM facility of banks, Core Banking Solutions (CBS) platform and connected matters.

Managing Directors, State Co-operative Bank, Central Co-operative Bank and SCARD Bank besides General Manager of Urban Co-operative Banks briefed about physical and financial status of their respective banks for the past ten years.

Secretary was apprised that the Citizen Co-operative Banks is catering to the need of Jammu people since 1974 which is operating with 11 branches and 4 extension counters. He was also informed that the bank is also providing facilities to its clients including RTGS, NEFT, Direct- Benefit Transfer, RuPay Debit Card, E.Com and POS machines.

Chief Executive Officer, Devika Urban Co-operative Bank Limited, Udhampur, informed that the bank has been fully computerized on CBS model having tie up with one of the best CIC companies. Besides, it is expected that by the end of July the bank would be providing ATM/POS and other facilities to their customers. He also briefed that the bank has good financial position with huge profit and is the single Urban Co-operative Bank in the JKUT which is paying dividends @ 4 per cent (average) to their stakeholders.

The MDs of Central Co-operative Bank, Citizen Co-operative Bank, KAMCO Bank Limited and J&K State Co-operative, Agriculture and Rural Bank also apprised the Secretary of working of their respective units.

Secretary asked the concerned bank authorities to review the working of their banks every month and get quarterly progress reports so that performance of these financial entities will be reviewed and rated as per comparative tables to be prepared for performance of last year and current year.

Registrar, Co-operative Societies, Shafqat Iqbal, who attended the meeting through virtual mode, briefed the Secretary about the working of his units.