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| J&K Co-operative Banks increase its customer base: Zargar | | ‘Says Co-operative banks conduct business of over Rs. 2000 cr | | Early Times Reporter
Srinagar | Mar 31
The Jammu and Kashmir Co-operative Banks through its network of 210 branches has conducted a business of over Rs. 2000 crore till date while its credit deposit ratio has increased to 40 per cent. The Bank in tandem with other leading banks of the state plays a pivotal role in boosting the economy of the state and its customer base has galloped to 25 lakh.
This was stated by Minister for Agriculture and Co-operative Abdul Aziz Zargar while addressing Bank officers and customers after inaugurating the computerized services of Maulana Azad Road branch of Jammu and Kashmir Co-operative Bank here today.
Present at the function among others were Chairman, JK Co-operative Bank Abdul Haq Khan, Managing Director Mohammad Ashraf Bhat, General Manager, F.A. Khan and other senior officers, besides a large number of customers.
The Minister said that overall banking scenario is changing fast and cautioned that with the entry of private sector and foreign banks, a threat has been posed to weak and small banks adding that improved services is the only solution to remain alive in this competitive environment. He said Co-operative credit institutions account for significant share in the rural credit flow for agriculture in terms of network, coverage and out reach to cater to the needs of small and marginal farmers. Co-operative banks alone have issued largest number of Kissan Credit Cards accounting for 70 per cent of total Kissan Credit Cards issued in country, he added.
Appreciating the bank management for its outstanding performance in various areas, the Minister called upon the officers to introduce more facilities to the customers and simplify loan sanctioning procedures.
Abdul Haq, Chairman Jammu and Kashmir State Co-operative Bank while enumerating the facilities being extended by the Bank said that core banking, ATM, SMS and RTGS banking are in the pipe line. He said seven new branches are being opened during 2008-09 to concentrate more in rural areas. He said under micro-financing, the highest numbers of Self Help Groups have been financed by the Co-operative banks. He said 50 per cent branches stand fully computerized. He said corporate office building with all modern facilities is coming up at Raj Bagh saying that non-banking facilities like insurance, mutual funds, foreign exchange have been approved and shall be introduced soon.
Managing Director JKSCB Mohammad Ashraf while highlighting the achievements of the bank said the bank has wiped off all its accumulated losses and has consecutively been earning profits for last five years. He lauded the efforts made by Minister for implementing the Vidyanathan Committee recommendations in Jammu and Kashmir. He said specialized schemes for women empowerment through separate Women Development Cell are also available in the bank. |
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