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| JK Co-op Bank earns record profit | | Manohar for streamlining promotions, transfers | | Early Times Report
JAMMU, NOVEMBER 24 – Surpassing all previous records, Jammu and Kashmir Cooperative Bank has earned a net profit of Rs.3.86 crore during the past financial year, as compared to the profit of Rs.3.82 crore during the corresponding period last year. The Bank deposits have also reached an all time high to Rs.417.25 crore during the last fiscal year. The recovery percentage has also increased to 57 % as against 50 % during the previous year. The turnover of the Bank during the last financial year has been Rs.505 crore while loans to the tune of Rs.21 crore were sanctioned.
This was stated at the 62nd Board of Management here today under the chairmanship of Minister for Cooperative, Dr. Manohar Lal Sharma. The, Principal Secretary, Planning & Development, Mr. B.B. Vyas, Commissioner/Secretary, Finance, Mr. Sudhanshu Pandey, Secretary, Cooperative, Mr. Yadullah, Registrar Cooperative, Mr. G.N. Sofi, Chief General Manager, NABARD, Mr. M.L. Sukhdev, Managing Director, Jammu and Kashmir, State, Cooperative Bank, Mr. Mohammad Ashraf were present in the meeting.
The Board decided that periodic audits should be conducted to avoid any financial irregularities and streamlining the functioning of the institution. It was also decided that authority to sanction loans from Rs. 13 to 25 lakh should be vested with the Loan Committee and loans above Rs.25 lakh should be with the Board of Management. Branch Managers would be empowered to sanction loans up to Rs.3 lakh, subject to the performance of the branch. Besides Recovery Committee would also be constituted, the meeting decided.
Deliberating on the other agenda points, the Board decided that all the administrative matters would be examined by the Management Committee which would recommend further action on case to case basis. The Board took strong exception with regard to delay in the auction of seized vehicles grounded for the past several years and instructed the Bank to dispose off the vehicles after following standing procedure prescribed for the purpose.
The Minister instructed the Bank Management to order the promotions and transfers in a systematic manner to avoid any litigation and urged for instituting follow up action which will be reviewed in the subsequent meeting to be held next month. He also instructed to explore the possibilities for expansion of the institution.
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