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.
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.
