Principal Secretary Finance Navin K Choudhary today said that the Jammu Central Cooperative Bank is on the revival path with Rs 180 cr capitalization and appointment of a professional Board of Directors by the governor’s administration.The Principal Secretary was chairing maiden General Body meeting as the chairman of the newly constituted Board, which was also first after five years with last meeting held in 2014. Addressing the shareholders/ secretaries of 208 societies Navin Choudhary informed them about far reaching measures taken for the revival of the bank in the backdrop of its falling capital mass and lending capacity.Substantial capital infusion proposed by the government, appointment of new board comprising highly professional members, its commitment for reinforcing transparency and due involvement of shareholders is bound to bring about resurgence at all levels, he said.Expressing dismay over the failure of the Bank to hold General Body meeting in past five years, Navin Choudhary said that henceforth the meetings will be held quarterly, bi-annually and annually. The meeting was attended by board of directors including Deputy Commissioner, Jammu Ramesh Kumar, Secretary to Cooperative Department, Abdul Majid Bhatt, Director Agriculture H K Razdan, Senior Additional Advocate General Seema Shekhar Khajuria, Chartered Accountant Rakesh Gupta and Ex- Executive president J&K Bank Ltd. VagishChander Sharma, besides a large number of shareholders of the bank.
Responding to the issues projected by the shareholders, the Principal Secretary assured to strive for automation of all branches of the banks in 4 months, resurgence in business, transparency and best utilization of assets by thorough auditing of each branch.The meeting, after thorough discussion, approved a series of revival proposals. It among other things approved proposal for increase in the authorized capital of the bank from Rs 5 crore to Rs 200 crore, appointment of chartered Accountant for statutory audit of the Bank as per the guidelines of NABARD and cancellation of membership of defaulter societies. The Bank has 288 registered Co-operative societies of which around 80 have turned defaulters causing huge loss to it. The expelled Co-operative societies shall be liable for all debts of the bank as these stood on the date of their expulsion within a period of two years as provided under the bye- laws of the bank. Earlier, responding to the demands of the participants the Principal Secretary Finance assured them that all the points raised by them will be thoroughly deliberated and conceded on the merit.