Commissioner Secretary reviews financial status of J&K DCC Banks
JAMMU: Commissioner Secretary Cooperative, Yasha Mudgal, today chaired a meeting to review financial status of branches of District Central Cooperative (DCC) Banks of Jammu and Kashmir. The meeting was attended by Registrar Cooperative Societies, Director Finance Cooperative Department, Additional Registrar Cooperative Societies Jammu/Kashmir, Additional Secretary Cooperative Department, MD and CEO District Central Cooperative Banks (DCCBs), Branch Heads and other concerned officials both in person and through video conferencing. Commissioner Secretary had a detailed review of branch wise targets allocated in the Monitorable Action Plan (MAP). It was informed during the meeting that the DCC Banks have recovered Rs. 44 crore of Non Performing Assets (NPAs) during the current financial year, so far, and the recurring losses have reduced to 50 per cent as compared to the previous year. Besides, the DCC Banks have also issued fresh lending of Rs. 82 crore in the current financial year in different sectors which will have an impact on increasing profitability of the branches in the coming months. During the review, the MD apprised that out of 154 branches of all 3 DCCBs none of the branches were in profit during closing of the previous financial year whereas during the current year till 31st January 2023, 54 branches are running in profit. It was also informed that the Anantnag Central Cooperative Bank has already registered a profit of 70 lakh till 31st January 2023 , which is likely to go up to one crore plus at the closing of the current financial year. This is for the first time in more than 33 years that a DCCB has registered profit. The last period when ACCB registered profit was 1989-90 which was to the tune of Rs. 28000. After reviewing parameters of DCCBs, the revised targets were fixed for these banks to be achieved upto March 2023. Commissioner Secretary directed the department to hold recovery camps at divisional level in Jammu to recover NPAs on account of Primary Agricultural Credit Societies (PACSs) on a war footing basis during the month of March. MD assured that there will be an enormous growth in NPA recovery and profitability of these banks at the closing of the current financial year.