SRINAGAR: To take stock of the midyear results, Chairman J&K State Cooperative Bank (JKSCB) M S Dar held a review meeting of the branches here on Monday. Dar expressed satisfaction on the results and informed the bank was on a path of growth as envisioned by the management.
According to an official handout, during the first half year, the bank has lent Rs 5464.68 lakh against a target of Rs 5800 lakh. Dar stressed upon all to push for priority sector lending especially in rural areas so that the bank becomes an agency in achieving the target of doubling the income of rural populace.
The bank has tailored many products for small business with attractive features which would help in employment generation at grassroots level, the handout read.
The total business of the bank stood at Rs. 95551.12 lakh, while accepting a temporary adverse impact on deposit mobilisation post demonetisation and GST implementation, Dar expressed satisfaction on the performance of the bank and expressed hope that the bank would achieve its target set for the FY 2016-2017.
Dar said that the rigorous campaigns and unrelenting efforts have yielded the results and non performing assets have been reduced to 4%. Bank has also placed in place an effective credit monitoring and control system to arrest any further slippage.
He further said that bank recently introduced e-com service for its customers.
Many projects like mobile banking, IMPS are in the pipeline. The bank has setup a task force to implement latest technologies available in the banking sector. The bank has already finalised technical and financial aspects for IMPS and eKYC on-boarding, the handout further read.
Bank’s managing director M Lateif informed that the bank added 4 more branches and 7 ATMs this year. The bank is planning to further increase its branches and ATM network.
Lateif also stressed upon the need to “spread awareness among masses”. “The bank has conducted 50 financial literacy camps with thrust on digital banking,” he stated.
The bank is soon going to introduce mobile ATM van to further strengthen its literacy programme.