Asks managements to follow RBI guidelines; conduct regular audit
JAMMU: Principal Secretary, Animal/Sheep Husbandry, Agriculture Production & Farmers Welfare and Cooperative Departments, Navin Kumar Choudhary today chaired the 5th Board of Directors meeting of Anantnag/Baramulla Central Cooperative Banks here at Civil Secretariat.
The members of the Boards, who attended the meeting, included Director General Budget, Mohammad Yaqoob Itoo; Managing Director of Anantnag/Baramulla Central Cooperative Banks, Muzafar Sultan and Ropan Sobti (Director) and many other officers of the Cooperative department and the Banks.
Deputy Commissioner, Baramulla, GN Itoo; Director Horticulture, Kashmir, Ajaz Ahmad Bhat and other members of the respective Boards participated in the meeting through a video link from DC offices of Anantnag and Baramulla.
Navin, who is also chairman of the Boards of the twin cooperative banks, directed the management to conduct regular board meetings with a maximum gap of two months.
He also advised them to conduct the audit of the banks regularly and submit the Action taken report on the observations raised thereof before the Board.
The members of the twin Boards also advised the managements of the banks to make it a regular feature to adopt the audited balance sheets and submit the same before them for rectifications, if required. The banks were further asked to hire the services of a professional Company Secretary to oversee the affairs of the banks as is mandatory under the RBI guidelines. The members of the Boards further asked the managements of the banks to designate one woman member each for the respective BoD for having a fair gender representation.
The Boards further called upon the Finance department to release the much required capital in favour of the banks already accepted for their recapitalization. The Boards also resolved to take the balance amount from NABARD to make the banks run smoothly.
The Boards resolved to make it mandatory for the banks to rationalise the branches for smooth working. The members asked the managements to merge less profitable branches with the nearest ones and bring a detailed proposal for hiring of new staff.
The Boards also directed the banks to adopt all the policies recommended by NABARD including obtaining membership of CIBIL, system generated NPAs and Payment & Settlement system. The banks were asked to work for meeting the criteria for the same.
Besides, the members of the Boards asked the banks to carry out the statutory inspections regularly with the stakeholders and submit the inspection reports along with the action taken reports to the Boards without any fail.
Moreover the Boards asked the banks to address all the public grievances at their own level without any delay and submit a summary report regarding the same to the Boards in each of its meetings to be held henceforth.