SRINAGAR: Registrar Cooperative Societies (J&K), Mushtaq Ahmad Shah on Wednesday inaugurated the J&K State Cooperative Bank in Magam.
Speaking on the occasion, Shah while highlighting the role of cooperatives throughout the country said J&K state cooperative has a rich history serving the community since 1917.
“There were days when the whole public distribution system (PDS) was controlled and run by the cooperatives. Presently, all the financial products and services are available with this bank. The state cooperative bank is at par in the technological front and is providing all the techno related services like RTGS/NEFT, Anywhere Banking, ATM, DBTS etc.,” he said.
Registrar stressed upon the need for reviving the 3rd tier cooperative federal Level – Cooperative societies and advised them to have linkage with the cooperative Banks for fulfilling their future financial requirements.
The Registrar was informed that a good number of cooperative societies have re-opened their business accounts with cooperative Banks and are doing business with them.
He also advocated for more customer centric, accountable and transparent system of functioning of the Bank. “Innovative cooperatives like Traders cooperatives, Transport cooperatives, IT cooperatives, Engineers cooperatives, Professional cooperatives etc should be framed to avail the benefits of the Banking.”
Chairman JKSCB, M.S Dar felicitated the Magam Bank Branch for crossing a business turnover of Rs 150 lacs in a short span of two months and encouraged them to achieve a target of Rs 500 lacs by March 2016.
“Magam has emerged a big business hub. Bank has made special tailor-made scheme for traders ‘Shop keepers finance’ to benefit the traders’ community. Hassel and collateral free loans are provided under this scheme with quick disposal,” he said.
The function was attended by additional registrar, Mohammad Yousuf, managing director AA War, general manager and chief manager advances.