The Jammu and Kashmir government is planning to soon infuse capital into the state’s ailing cooperative banks in a bid to revive them.
This was revealed by Secretary, Cooperatives and Social Welfare Departments, Farooq Ahmad Lone Saturday at a function organised by Jammu Central Cooperative Bank (JCCB) as part of the ongoing 65th Cooperative Week celebrations.
He said, “The government is planning to bail out ailing cooperative banks in the state soon by infusing capital to revive them.”
Addressing the gathering, the secretary said that the main purpose of celebrating the cooperative week is to highlight achievements of the cooperative sector in various areas, reflect upon the shortcomings and chalk out future strategies of growth, based on dynamics of cooperative development in various sectors.
He said that the week-long celebrations provide an opportunity to disseminate the message of cooperative movement among the masses at large by sensitising them on the various aspects of the cooperative movement.
“Cooperative structure ensures that cooperatives are not enterprises run just to earn profits but a business model for long-term sustainability and inclusive growth, he said.
Dwelling on the theme of this year’s cooperative week, “Building Public-Private Cooperative Partnership”, he said that the cooperative model is participatory and community oriented and due to its grass roots approach the impact of its development is equitable and sustainable.
He said that several revolutionary steps have been taken by the government to revive these cooperative banks in the state.
Lone stated that Jammu Central Cooperative Bank (JCCB) Ltd had done well in the past since its inception. He said that the bank must endeavour to run along thoroughly professional lines, have an enlightened management, a highly dedicated and committed work force and develop progressive plans and policies for the future so as to secure its rightful place in the comity of cooperative banks in the country.
On the occasion, Registrar Cooperative Societies said that the mandate of the cooperative sector is not just to earn profit but to provide services to people with distinction, especially farmers and poor sections of the society.
JCCB chief executive Mohammad Mushtaq highlighted the activities of the Bank.He said JCCB is working at the grass root level in the rural areas through a network of 376 Primary Agriculture Cooperative Societies (PACS) with a membership of 1.53 lakh, out of which 95 PACS are functional.
The bank has a total share capital of Rs 3.64 crore out of which the state government has contributed Rs 1.50 crore. At present, total aggregate deposits of the bank stands at Rs 1,503.57 crore with 3,00,000 account holders and advances are at Rs 370.28 crore.
The bank has sanctioned Kissan Credit Cards to 40,385 members for an amount of Rs 94.89 crore till date.