SRINAGAR: In a review meeting of Jammu and Kashmir State Cooperative Agriculture and Rural Development (SCARD) Bank held here today under the chairmanship of Minister for Co-operatives and Ladakh Affairs, Chering Dorjay,
It was revealed that the bank has increased its business in deposits from Rs. 12.06 crore in 2011-12 to Rs 12.86 crore up to March 31, 2017.
Similarly, the recoveries of the bank have increased from 31.67% during 2011-12 to 50.61% for the year of 2015-16. The meeting was further informed that the total business of the bank as on 31st March, 2012 was Rs 27.99 crore which has now reached to Rs 181.25 crore as on March 31, 2017, witnessing growth of 547%.
Dorjay was briefed that the bank has cleared liabilities to the tune of Rs 12.76 crore under the financial assistance of State Government, enabling the bank to save two crore yearly interest. The bank has further released gratuity and other post retire benefits to the employees under SRO 233 to the tune of Rs two crore.
He further directed the concerned to make concerted measures so that elections to choose SCARD bank board members are held to make the functioning of the bank more vibrant in its approach.
Later, the Minister visited 3.50 kanal site at Bemina in Srinagar for construction of proposed SCARD bank office.