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| JCCB highlights transformative changes, HR resolutions | | |  Early Times Report
JAMMU, Oct 9: The Jammu Central Cooperative Bank Limited (JCCB) organized a press conference to showcase the significant improvements and resolutions of HR issues achieved under the leadership of Mrs. Yasha Mudgal, Commissioner/Secretary to the Government Cooperative Department, J&K, and Chairperson of JCCB. This transformation was carried out in collaboration with the CEO & Managing Director of the Bank.
To substantiate their claims of transformation, JCCB employees shared remarkable statistics. The Bank issued loans totaling Rs. 26.60 Crores up to March 2021, which rose to an impressive Rs. 81.28 Crores in March 2023 and reached Rs. 82.40 Crores within the first six months of the current financial year (2023-2024). Investment figures also witnessed significant growth, increasing from Rs. 856.20 Crores in March 2021 to Rs. 1015.61 Crores in September 2023.
One of the most notable achievements was the exceptional recovery of Non-Performing Assets (NPAs) under Yasha Mudgal's leadership. NPAs were reduced from Rs. 110.00 Crores (37%) in March 2021 to Rs. 81.00 Crores (29%) in March 2023 and further to Rs. 72.00 Crores in September 2023. The recovered amount from NPAs has been earmarked for making the bank CBS compliant, a prerequisite for obtaining an RBI license.
The Bank's net profit also displayed an upward trend, transitioning from a loss of Rs. 12.40 Crores up to March 2021 to registering a profit of Rs. 0.28 Crores at the end of FY 2022-23, marking a return to profitability after three decades.
The employees highlighted that the J&K Government, with the intervention of Commissioner/Secretary to the Cooperatives Department, released Rs. 366.00 Crores in 2022 through a re-capitalization package, which had been pending since 2014. Out of this amount, Rs. 180.00 Crores were allocated to JCCB, leading to an improvement in its CRAR (Capital to Risk (Weighted) Assets Ratio) from -76.00 to -14.00.
Additionally, the Bank has undertaken a significant technological transformation by initiating the Core Banking Solution Transformation Project, transitioning from legacy banking to digital banking. This project is being executed by C-edge Technology, a joint venture between TCS and the State Bank of India, and is expected to be commissioned during the current financial year.
All HR-related issues pending for a long time have been resolved under the leadership of the Chairperson. These include appointments under Compassionate Grounds, enhancement of retirement cum death Gratuity from Rs. 10.00 Lakh to Rs. 20.00 Lakh with retrospective effect, restructuring of the salary structure, release of pending increments/dearness allowance, and enhancement of the limit of concessional loans to cater to the changing needs of Bank employees.
The press conference was attended by key figures from JCCB and was held in appreciation of the leadership provided by Commissioner/Secretary Cooperatives, Mrs. Yasha Mudgal, in driving positive change in the Bank's operations and performance. The employees pledged to meet the directives issued by the Chairperson with sincerity and achieve monthly targets across all fields. |
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