Yasha Mudgal fixes revised targets
Excelsior Correspondent
JAMMU, Feb 26: In a major achievement for the Cooperative Department, 54 branches of District Central Cooperative Banks (DCCBs) have registered profit till January 31, 2023 as against none during closing of the previous financial year.
This was revealed at a meeting of the Cooperative Department chaired by Commissioner/Secretary Yasha Mudgal today.
“Out of 154 branches of all three DCCBs combined during closing of the previous financial years, zero branches were in profit whereas during the current year till 31st January 2023, 54 branches were already under profit,” an official statement said.
It was revealed at the meeting that the Anantnag Central Cooperative Bank has already registered a profit of Rs 70 lakh till January 2023, which is likely to go up to Rs one crore plus at the closing of current financial year.
“This is for the first time in more than 33 years that a DCCB has registered profit. The last when ACCB recorded profit was 1989-90 which was to the tune of Rs 28,000,” the statement said.
Earlier, Yasha Mudgal chaired a meeting to review the financial status of branches of DCC Banks of J&K UT. The meeting was attended by Registrar Cooperative Societies, J&K; Director Finance Cooperative Department, Additional Registrar Cooperative Societies Jammu/Kashmir, Additional Secretary Cooperative Department, MD & CEO DCCBs, Branch Heads and other concerned officials both in person and through video conferencing.
The targets allocated in the Monitorable Action Plan (MAP) were reviewed branch wise at the end of 3rd quarter of 2022-23. It was informed during the meeting that the DCC Banks have recovered Rs. 44 Crores of NPAs during the current financial year so far and the recurring losses have reduced to 50% as compared to the previous year.
The DCC Banks have also issued fresh lending of Rs. 82 crores in the current financial year in different sectors which will have an impact in increasing profitability of the branches in the coming months.
The Commissioner Secretary directed the Department to hold recovery camps at divisional level in Jammu to recover NPAs on account of PACs on a war footing basis during the month of March.
The MD assured that at the close of the current financial year there will be an enormous growth in NPA recovery and profitability of these banks.
The Managing Director of DCC Banks thanked the Secretary for her tireless efforts to revive the DCCBs and attributed the achievements the DCCBs have reported so far to her able and dynamic guidance.
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