Cooperatives backbone of rural credit structure: Chairman JKSCB

Cooperatives backbone of rural credit structure: Chairman JKSCB

Secretary co-operatives inaugurates first off-site ATM

SRINAGAR: Chairman State Co-operative Bank, M S Dar on Monday said cooperatives were the backbone of the rural credit structure due to their many inherent characteristics and that strengthening this structure was a prerequisite if the credit requirements of the rural populace were to be properly addressed.
Dar was speaking during the launch of an off-site ATM of the bank here at Parray Pora. Secretary Co-operatives, Abdul Majeed Bhat dedicated the ATM to the people. The inauguration was held to launch the 22nd ATM of the Jammu and Kashmir State Co-operative Bank (JKSCB).
Registrar Cooperatives, M M Gassi, Chairman State Co-operative Bank, M S Dar, Managing Director, M Lateif, Additional Managing Director, Shabana Buchh and several senior officers of the bank were present at the function. The ATM at Parray Pora is the first off-site ATM installed by the bank, an official handout read.
While applauding the role of State Cooperative Bank, Secretary Co-operatives, Abdul Majeed Bhat stressed upon the need to spread the footprints of the bank far and wide. He said, “Technology adoption will help co-operative banks to remain afloat in the fast changing financial environment”, the handout read.
He expressed his satisfaction on the role played by State Cooperative Bank in modernising its structure to keep pace with the fast changing financial environment, hoping that the expansion of off-site ATM network would help further in strengthening the image of the bank.
Speaking on the occasion, Chairman State Co-operative Bank, M S Dar said that the demand to open an ATM at Parray Pora was raised several times by the locals.
He informed the secretary that the bank was aggressively undertaking expansion of branch and ATM network as well as introduction of technology-based products. He further said that the bank was planning to install seven offsite ATMs this fiscal. “The bank has already started the process to introduce internet and mobile banking facilities,” he added.
Managing Director, M Lateif said that the bank was leaving no stone unturned to keep pace with its competitors. He said, “The bank has recently entered into an arrangement with Axis Bank to provide PoS machines to its clientele,” adding that the bank was soon going to launch Forex Travel Card to help its customers avail the cash withdrawal facility while visiting other countries, the handout added..