BUDGAM: An inauguration ceremony was held at Narbal here on Tuesday to launch the 21st ATM of the Jammu and Kashmir State Co-operative Bank. The ATM was dedicated to the people of Narbal by Secretary Co-operatives, Abdul Majeed Bhat in presence of chairman of the bank, M S Dar, Managing Director M Lateif and several senior officers.
Speaking on the occasion, Secretary Co-operatives, Abdul Majeed Bhat while applauding the role of State Cooperative Bank, stressed upon the need to bring banking services to the door steps of the rural populace, an official release read.
He said, “It is only through technology adoption that co-operative banks will remain viable and relevant.”
He expressed satisfaction over the role played by State Cooperative Bank in modernising its structure to keep pace with the fast changing financial environment, read the release.
Bhat expressed hope that the expansion of ATM network would help in strengthening the image of the bank.
Speaking on the occasion, chairman of the bank, M S Dar said that the demand to open an ATM at Narbal was raised several times by the citizens of the area and stressed that the bank is morally bound to serve rural masses and unbanked areas.
He said that the cooperatives are the backbone of the rural credit structure due to their many inherent characteristics, “strengthening this structure is therefore a prerequisite, if the credit requirements of the rural populace are to be properly addressed”.
He informed the secretary that the bank was aggressively undertaking expansion of network as well as introduction of technology-based products. He further informed him that the bank had already started the process to introduce internet and mobile banking facilities, the release added.