JAMMU: Minister for Cooperatives, Chering Dorjay inspected Regional Office of State Cooperative Agriculture and Rural Development (commonly known as SCARD) Bank at Trikuta Nagar on Tuesday and took stock of its functioning.
Managing Director and Chief Executive Officer, J&K SCARD Bank, Muhammad Aslam Bhat briefed the minister about overall working and its progress made during last several years in lending, deposit mobilisation and recovery of loans.
The minister was informed the Bank has mobilised deposits to the tune of Rs 100 crores since 2009-10 while as it has advanced loans to the tune of Rs 50 crore during the same period. The minister was further informed that the bank has achieved recoveries to the tune of 50% in respect of old loans and 85% in respect of fresh loans so far.
Dorjay was apprised about various problems being faced by the bank in absence of board of management. The minister assured the bank authorities that steps shall be taken for revival of the bank and constitution of board of management. He also assured full cooperation and support to the bank from the government.
The MD/CEO briefed the minister about proposal of Rs 100 crore submitted for approval for revival of the SCARD Bank as it has suffered heavy losses in recoveries during September, 2014 floods. While inspecting various sections of the regional office, the minister interacted with the senior officers and staff and directed them to make qualitative lending so that there is no hurdle in recovery of loans.
General Manager, SCARD Bank Muhammad Ilyas Khawaja gave a detailed resume about the activities being carried out by the bank. He said that the Bank is playing yeomen’s role in changing socio economic condition of the people especially associated with the agricultural sector.
Khawaja said that the bank is lending very attractive schemes including Marriage Saving Scheme, Old Survival and Health Saving Scheme, Higher Education Saving Scheme and other schemes on low interests as compared to other scheduled Banks.
The bank has introduced new schemes for General Store, Chemist Shops, all types of Medical clinics, Nursing Homes, Marriage/Community Halls, Heavy and Medium Passenger Vehicles, Sumo, Tavera, Tempo, Matador and Buses etc. The Bank is also providing 25 to 50% subsidy on various centrally sponsored schemes.