To improve the financial performance of Cooperative Banks in the State, Chief Secretary B R Sharma Tuesday stressed on infusing elements of good corporate governance, appropriate internal control systems and commitment to better customer services in these Banks.Chairing a meeting here to discuss revival of three unlicensed Central Cooperative Banks in J&K, Chief Secretary underscored the need to have professional management and staff in such Banks in order to achieve the desired turnaround.He said Union Government has included 3 District Central Cooperative Banks (DCCBs) in J&K including Jammu Central Cooperative Bank, Baramulla Central Cooperative Bank and Anantnag Central Cooperative Bank, under the scheme for revival of 23 unlicensed DCCBs.
The initiative aims to protect the interests of the depositors and catering to the credit needs of marginal farmers which would allow them to avail continued credit facility from these Banks and discourage them from availing such loans at exorbitant rates from non institutional sources.The financial requirement for implementation of the revival package has already been worked out and a MoU in this regard has been signed with GoI and NABARD.Financial Commissioner, Planning & Development, B B Vyas, Commissioner Secretary Finance, Navin K Choudhary, Secretary Cooperatives, Hilal Ahmad Parray, Registrar Cooperatives Societies, J&K, Jammu, Chief General Manager, NABARD, Jammu and other senior officers were present in the meeting.