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| Boom in Cooperative banks’ business a good trend: Dr. Manohar | | |
Early Times Report
SRINAGAR, May 16: The Minister for Cooperative, Finance and Planning, Dr. Manohar Lal Sharma has asked the management of the Cooperative Banks to adopt a strong and tenacious recovery mechanism so that the money lying with defaulted borrowers are recovered in a time bound manner. He said this will help the management of the banks to further improve the financial health of these financial institutions.
The Minister was reviewing the progress of the Cooperative Banks, functioning in the Kashmir Valley, at an officers meeting here today.
Commissioner Secretary Cooperatives, Registrar Cooperatives, Additional Registrar Cooperatives, Managing Director, State Cooperative Bank, MD/CEO, J&K State Cooperative Agriculture and Rural Development Bank, MD, Mercantile Cooperative Banks, MD, Urban Cooperative Bank Anantnag besides senior and district officers of Cooperative Department were present on the occasion.
The Minister asked the management of the banks to tighten the noose of the defaulters and ensure that the money lying with them is recovered and invested in other areas. He directed them to utilize personal and social approach for making the recovery from the defaulters. He asked them to expand the clientele of the banks so that business of the banks is further increased.
It was given out that State Cooperative Bank has advanced Rs. 37.67 crore while the deposits of the bank has reached to Rs. 60912 lakhs and the recovery has touched to 52 per cent during last fiscal.
It was revealed that J&K State Cooperative Agriculture and Rural Development Bank have advanced Rs. 6.79 crore loan while the deposits of the bank have reached to Rs. 2 crore. The Bank has 45 branches running across the State.
The Mercantile Cooperative Banks has advanced Rs. 16 crore and the deposits of the banks had swelled to Rs. 30 crore, it was told.
The meeting was told that the current deposits of the Urban Cooperative Bank Anantnag has reached to Rs. 22 crore while the bank has advanced Rs. 15.50 crore during last fiscal and the recovery of the banks has touched to 89 per cent.
Earlier while reviewing the functioning of Cooperative Department, the Minister asked the officers of Department to take concrete measures and ensure that revenue of the department is increased.
Dr Sharma asked the officers to chase the target fixed and ensure these are achieved in full during current financial year. He directed them to take necessary steps including fencing of the land of the department in order to secure the assets of the department.
The Minister asked the officers to conduct timely audit of the cooperative societies and come up with their recommendations for making the system fool-proof. He directed them to conduct survey of all the cooperative societies, registered with the department and check the basic structure of these societies, including the membership base. He directed them to see whether elections of the societies are held on time.
“Revenue generation should remain priority of the department” said the Minister and asked the officers to take necessary measures for reviving non-functional cooperative societies in their respective jurisdictions. He directed them to follow the litigations pending in different courts. |
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