Govt to revive ailing cooperative banks in JK

Govt to revive ailing cooperative banks in JK
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JAMMU: Secretary, Cooperatives and Social Welfare Departments, Dr Farooq Ahmad Lone on Saturday said government was planning to bail out ailing cooperative banks in the state soon by infusing capital to revive them.
Dr Lone stated this at a function organised by Jammu Central Cooperative Bank (JCCB) as part of the ongoing 65th Cooperative Week celebrations. Registrar Cooperatives societies, M M Rehman Ghasi was the guest of honour on the occasion.
Addressing the gathering, the secretary said the main purpose of celebrating the cooperative week is to highlight achievements of the cooperative sector in various areas, reflect upon the shortcomings and chalk out future strategies of growth, based on dynamics of cooperative development in various sectors.
Secretary said the week-long celebrations provide an opportunity to disseminate the message of cooperative movement among the masses at large by sensitising them on the various aspects of the cooperative movement.
“Cooperative structure ensures that cooperatives are not enterprises run just to earn profits but a business model for long-term sustainability and inclusive growth,” he said.
Dwelling on the theme of this year’s cooperative week ‘Building Public-Private Cooperative Partnership’, he said the cooperative model is participatory and community oriented and due to its grassroots approach the impact of its development is equitable and sustainable.
He said several revolutionary steps have been taken by the government to revive these cooperative banks in the state.
Lone stated JCCB had done well in the past since its inception. He said the bank must endeavour to run along thoroughly professional lines, have an enlightened management, a highly dedicated and committed work force and develop progressive plans and policies for the future so as to secure its rightful place in the comity of cooperative banks in the country.
On the occasion, Registrar Cooperative Societies said the mandate of the cooperative sector is not just to earn profit but to provide services to people with distinction, especially farmers and poor sections of the society.
CEO JCCB, Mohammad Mushtaq highlighted the activities of the bank. He said JCCB is working at the grassroots level in the rural areas through a network of 376 Primary Agriculture Cooperative Societies (PACS) with a membership of 1.53 lakh out of which 95 PACS are functional.
The bank has a total share capital of Rs.3.64 crore out of which state government has contributed Rs.1.50 crore. At present, total aggregate deposits of the bank stands at Rs.1503.57crore with 300000 account holders and advances are at Rs.370.28 crore. Bank has sanctioned Kissan Credit Cards to 40385 members for an amount of Rs.94.89 crore till date.
MD JAKFED Rajesh Sharma, Additional Registrar Cooperative Jammu Tanveer Ahmed Malik, Joint Registrar Cooperative (B&F) S. K. Gupta, Joint Registrar Cooperative (Special) Trishla Kundal, Joint Registrar Cooperative (Audit) Champa Devi, General Manager Reserve Bank of India, H.K.Soni, Deputy Registrar Cooperative Kathua Naresh Sharma, Chairman Citizen Cooperative Bank Parveen Sharma and Chairman Cooperative Union were also present on the occasion.