JAMMU: In a significant development for revamping financial health of Cooperative banks, the Jammu and Kashmir Government under "Recapitalization Package" recently released and transferred Rs 366 crores for re-capitalization of three District Central Cooperative Banks in the Union Territory i.e. Jammu Central Cooperative Bank, Anantnag Cooperative Bank and Baramulla Central Cooperative.
This was disclosed by Secretary, J&K Cooperative Department, Yasha Mudgal, during an informal chat with some media persons at the Press Club Jammu on Monday evening.
Speaking to media persons, Secretary, J&K Cooperative Department said, “The package was sanctioned in 2018 by the Central Government for revival of Cooperative banks in Jammu and Kashmir but the amount could not be released because of some technical reasons. ‘
Secretary, J&K Cooperative, Ms Mudgal, who is instrumental in getting the package amount released and transferred to the three banks for managing their affairs and attaining the required Capital to Risk Asset Ratio (CRAR) further informed that as per the Banking Regulations Act, these banks were de-licensed by the Reserve Bank of India because their liquidity position was bad enough as also due to their assets erosions as well.
“Though they are working in the field of Banking, but with certain restrictions imposed by the RBI, she added.
She added with this step there will be the revitalization and rejuvenation of other Cooperative banks also whose financial heath was deteriorated, she disclosed that the Cooperative Department has sought Central package of Rs 238 Crore for the same and formal requisition in this regard was already made.
Listing the major initiatives taken by the Cooperative Department for multiple growth of the cooperative institutions in Jammu and Kashmir during the last year, Yasha Mudgal informed that Rs 280 lakh were released for modernization of Super Bazars in J&K UT, which have also been brought on the GeM Portal and are running their business in a professional manner.
The Secretary further informed that the Cooperative Department has achieved 100 percent end to end digitization for the first time while a departmental portal has been created benefitting the intending beneficiaries to get the registration done in online mode within two to three months.
She added that in a bid to meet the manpower crisis in the department, for the first time 91 vacancies of Assistant Registrars have been referred by the Public Service Commission while the Government has tied with the NCDC, New Delhi and accordingly under the scheme, Development of Commercial Poultry in J&K, 35 poultry projects so far of various cooperative societies with an estimated cost of Rs 860.92 lakhs have been sanctioned by the NCDC.
