7th Pay Commission Latest: These Employees To Receive 4% DA Hike On This Date

7th Pay Commission Update: The 1,300 employees of Kangra Central Cooperative (KCC) Bank will receive a 4% Dearness Allowance (DA) hike, along with arrears, in their October salary. Ex-Vice Chairman Kangra Cooperative Bank Kuldeep Singh Pathania confirmed that the Managing Director has been instructed to take the necessary steps for the implementation. Pathania emphasized that Chief Minister Sukhwinder Singh is a strong advocate not only for bank employees but for every segment of society.

Despite paying around ₹45 crore in arrears under the sixth pay commission from 2016, the bank achieved a net profit of ₹64.27 crore in the financial year ending March 31, 2024. Deposits and loans have also increased during this period, and for the quarter ending September 30, the bank recorded a profit of approximately ₹70.18 crore. Additionally, in light of the festive season, the bank has offered discounts on processing fees for various loan schemes.

The bank's gross Non-Performing Assets (NPA) have significantly improved, dropping from 29.60% on March 31, 2022, to 23.45% in March 2024, while the net NPA has decreased from 15.31% to 7.15%. This reduction is largely attributed to the successful implementation of the One-Time Settlement (OTS) policy.

Following these positive outcomes, the board has approved a new OTS policy, developed by a committee of bank officials, which will be in effect until October 30, 2024. The policy is expected to further reduce the bank's NPAs. After the conclusion of this policy, the bank will take strict measures to recover loans from defaulters without offering any additional leniency. Pathania expressed optimism that the net NPA could drop to below 5% and the gross NPA to less than 20% after the OTS policy is fully implemented.