J&K government taking measurs to revive cooperative banks

Srinagar Oct 6 (UNI) Jammu and Kashmir government is initiating a number of steps to revive the Cooperative banks in the state, Minister for Agriculture and Cooperatives, Abdul Aziz Zargar said, He said the need of the hour is to improve the financial position of the Cooperative Banks by increasing public investment in the agriculture sector.

He was speaking at an officers meeting held here today to review the functioning of the Cooperative Banks in the State.

The meeting discussed in detail the measures needed to be taken to revive the Cooperative Banks and improve their financial flow.

It was realized that recovery process of the loans should be geared up to stabilise bank's financial structure.

The meeting was informed that public investment in agriculture is low and needed to be increased.

However, the bank management said that implementation of Vidyanathan Commission's Report on long-term in the state can improve the financial position of the bank to a great extent.

The revival of JAKFED also came up for discussion in the meeting.

It was given out that bank provided Rs 13.97 crore as loan and deposits reached to Rs 1.30 crore, besides recovering Rs 2.93 crore up to June end.

UNI