Bank’s business to expand, to touch Rs 1000 cr in FY-17
SRINAGAR: J&K State Cooperative Bank held its annual general meeting of its shareholders at its corporate headquarters ATHWAS GAHH here. Delegates from several member societies attended the meeting.
In his address Chairman of the bank M. S. Dar stressed upon the need to rejuvenate and revive the three tier structure of Co-operative sector. He requested the delegates to work as torch bearers of cooperative movement at the grass root level.
Managing Director, A.A. War while presenting an overview of the financial parameters and vital ratios of the bank as on 31-3-2016.
He informed the delegates that the business had crossed 900 crores as on 31-3-16 and is expected to cross 1000 crores this fiscal. He also informed the participants that the bank has achieved the target of 9 percent CRAR as on 31-3-16.
A thorough discussion was held on the annual report presented to the shareholders. The participants applauded the management for increase in the number of business units and stressed upon the need for further expansion of branch and ATM network.
Dar assured the delegates that the bank has adopted aggressive policy towards business expansion. He urged the delegates to work towards increasing the share capital of the bank.
A resolution was passed appealing the Chief Minister for her personal intervention in implementation of the recapitalization package for three district central cooperative banks of the state. It was also resolved that all the stake holders will work actively towards revival of PACS.
In the end, Dar expressed his gratitude towards the participants for their valuable suggestions.