Three banks to join and serve Panchayats

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JAMMU: Explaining his budget proposal, Finance Minister Dr Haseeb Drabu said all the three banks in the co-operative sector are currently in red and their role will be redefined to suit a new set of the mandate. He said it as an intervention for the rural financial architecture.

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“We want to effectively revive the institutions of rural local governance in the State with a sustainable supportive fiscal system side by side,” Drabu said and added that the capital infusion of Rs 250 crore to three Cooperative Banks and the decision to connect these banks with the Panchayats will provide regular fund flow to these banks. He said a parallel financial structure has been initiated for empowering the Panchayats and further boosting the rural economy.

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