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Tag: banking in kashmir

  • Banking Sector Backbone Of JK’s Growing Economy: LG

    Banking Sector Backbone Of JK’s Growing Economy: LG

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    SRINAGAR: Lieutenant Governor Manoj Sinha chaired a high-level meeting of Public Sector Banks, Administrative Departments and other Financial Institutions, at Civil Secretariat on Thursday.

    The meeting was chaired to review the action taken on the directions passed in the previous meeting on seamless credit to potential entrepreneurs and saturation of other government schemes aimed to facilitate the dreams of aspiring society.

    Calling banking sector the backbone of Jammu and Kashmir’s growing economy, he said, “Collective efforts should be made to facilitate common man, farmers, industries, SHGs and young entrepreneurs. Banks need to cooperate & complement government’s efforts in reaching out to beneficiaries of all flagship schemes,” the Lt Governor said.

    He also observed that during the Back to Village-4 and My Town My Pride Programme, JK Bank ensured a major share of 90 percent in extending the financial support to 75,000 youth recently, while other banks had merely 10 percent contribution.

    “This situation needs to change. All the Banks must increase the lending to promote entrepreneurship amongst youth, women and people from marginalised sections of society,” the Lt Governor further said.

    The Lt Governor also reviewed the progress achieved to extend the benefits of Kisan Credit Cards to all the eligible farmers.

    The banks were instructed to follow the delivery channels of RBI and saturate the distribution of Smart Cards to the KCC account holders by June, 2023.

    The Lt Governor emphasized on support and guidance to the farmers in preparing project reports required by the banks through nodal agencies. He also emphasized on holding regular meetings at the district level with mission youth and other government departments to understand requirements of diverse sectors.

    The Chair was also briefed on the upcoming ‘Citizen’s portal for Government Sponsored Schemes’. The soon to be launched portal, prepared by JK Bank will ensure that all the Banks operating in Jammu Kashmir seamlessly extend all the benefits of government schemes to the eligible beneficiaries.

    The portal will enable a citizen to apply for a Government Sponsored Schemes directly online with OTP Authentication and check the status of his/her application online.

    It will forward/route the applications from citizens to appropriate departments and teams in an integrated workflow and enable departments and teams to process and forward/route these applications to the concerned financing agencies.

    Further the financing agencies can update status for these applications post processing. It will also facilitate generation of MIS/Reporting Dashboards, it was informed.

    Directions were passed to explore possibilities to integrate all the schemes and other portals on a single platform and make the portal more interactive, multilingual and having a module of grievances redressal mechanism.

    Dr Arun Kumar Mehta, Chief Secretary, Atal Dulloo  Additional Chief Secretary, Agriculture Production Department; Sh Baldev Prakash, MD & CEO JK Bank; Administrative Secretaries, HODs, Heads and representatives of several banks operating in the UT attended the meeting.(GNS)

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    #Banking #Sector #Backbone #JKs #Growing #Economy

    ( With inputs from : kashmirlife.net )

  • 54 Cooperative Bank Branches Made Profit After 33 Years, Govt Says

    54 Cooperative Bank Branches Made Profit After 33 Years, Govt Says

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    SRINAGAR: After a high-level meeting that reviewed the functioning of the cooperative banking sector, the government said while non-performing assets are down as many as 54 branches made a profit for the first time in 33 years. Cooperative Commissioner Yasha Mudgal presided over the meeting.

    Lt Governor Manoj Sinha inaugurates 69th Cooperative Week Celebrations
    Lt Governor Manoj Sinha inaugurates 69th Cooperative Week Celebrations

    During the review, a DIPR statement said the MD and CEO of District Central Cooperative Banks (DCCBs) apprised that out of 154 branches of all 3 DCCBs none of the branches was in profit during the 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 Rs 70 lakh till 31st January 2023, which is likely to go up to one crore plus at the closing of the current financial year,” the statement said. “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.”

    The meeting was also informed 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 the profitability of the branches in the coming months.

    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.

    Mudgal directed the department to hold recovery camps at the 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.

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    #Cooperative #Bank #Branches #Profit #Years #Govt

    ( With inputs from : kashmirlife.net )