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| Despite serving over nine decades, JCCB's license hangs in uncertainty | | Resentment among JCCB employees to shift their insurance money | | Sumit Sharma
Jammu, Oct 3: For many the ongoing crisis of the Jammu Central Cooperative Bank (JCCB) may have nothing appealing but those who are concerned are worried for the aged banking institution that has rendered banking services to the Jammuites for the last ninety years is now facing threat inching towards its license. For inept here it needs to mention that the fate of uncertainty is hanging over the above mentioned banks' license which expired on September 30 and Reserve Bank of India the nodal monitoring body has turned down to extend it further till it achieves the said norms and infrastructure at par with the banking norms.
Pertinent to mention that the JCCB is likely to enter in its centurion year just after two years i.e. on 2014 as the bank was established in 1914 AD to introduce banking services in state. During these years nine decades the JCCB has seen troughs and crests in banking sector and has remained in media limelight for mismanagement and accountability of the concerned higher officers.
Presently the JCCB is suffering 10.88 per cent erosion of deposits, the Anantnag Cooperative Bank is having erosion of 45.93 per cent", sources within bank revealed further adding "these banks can never manage their own share as the scenario of further losses continues even now."
Sources added the crises for the ailing bank is not over, despite Mohinder Singh, Chairman Jammu Central Cooperative Bank Limited and Arun Bakshi, OSD to the Chairman of the Bank obtained interim orders from the High Court after State Accountability Commission (SAC) initiated proceedings against them along with Minister of State for Cooperatives, Dr Manohar Lal Sharma in the recent past on the plea that SAC does not take suo motto decision and are claiming tall claims for the better banking in cooperative sector
"As far as the license of Jammu Central Cooperative Bank is concerned the fate of bank is hanging in uncertainty as RBI has not given nod of renewal of license even after four days of its expiry, sources said while referring to the ugly past when SAC started probe in the Month Of May 2012 following the complaint of mismanagement, irregularities, illegal appointments in cooperative sector, prominently JCCB.
"However following allegations, the Arun Bakshi who managed 2 extensions as MD of the bank and then OSD to Chairman submitted his resignation letter to Chairman, but it is yet unknown whether the resignation letter has been accepted or not, sources added. As per highly placed sources of RBI, the JCCB bank which claims to serve its 83 Branches and 12 Extension Counters yet has to improve PRAR. "The JCCB is running without license as the license got expired on Sept 30 this year and the formal decision on its renewal yet has not received by the RBI Central Office, an RBI officer on anonymity said.
Baffled over the lingering on of issuances of the license, the JCCB officials including Chairman Mohinder Kumar who himself is a defaulter of State Finance Corporation, are scaling the root of Civil Secretariat for getting money to handle their affairs including the losses.
Meanwhile, sources with in JCCB informed that the JCCB administration is facing duel crisis as the employees has started protest for their insurance. They further said that the insurances amount of the employees has been shifted to some private insurance companies , marring their dues. Earlier, the money of employees was invested in LIC for their better future. |
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