JAMMU, Nov 18: On the occasion of 66th Cooperative Week, the Citizens’ Cooperative Bank Ltd. Jammu organized the programme on initiatives of Government through Cooperatives. Abdul Majid Bhat, Secretary to Cooperative Department J&K was the chief guest during the function.
Highlighting the services of the Citizens’ Cooperative Bank Ltd. Jammu, Managing Director, A. K. Goswamy apprised that the Citizens’ Cooperative Bank Ltd. Jammu is rendering services to the Jammuites for the last 41 years. It caters to the credit needs of clients from all streams i.e. Traders, Consumers and Industrialists. In socio economic development the Bank not only generates direct employment but also indirect employment for start up of new entrepreneurs. Grant of housing, Transport and other small scale productive loans are the features of services. Bank is working on modern lines and issuing RuPay Debit Cards, POS machines and providing other facilities like E-Com, RTGS and NEFT etc.
Parveen Sharma, Chairman of the Bank speaking on the occasion stated that for Socio-Economic Development of our country the Government of India has taken steps such as formation of National Policy on Cooperatives and enactment of Multi State Cooperative Societies Act 2002. Besides it, Government of India also grants financial assistance for Cooperative Education through the institution like NCUI, NCCT, VAMNICOM etc.
He said “So far as Cooperatives in J&K is concerned, more specifically the Urban Cooperative Banks of J&K Union Territory, we have four Urban Cooperative Banks, out of which, our’s is the pioneer Urban Cooperative Bank in Urban Cooperative Banking Services since 1978”. All Urban Cooperative Banks are exclusively surviving at their own sources despite being small in size and lacking resources. The inception of NPA concept, the technical issues of concern for advance technology in the filed of banking, urgent additional financial needs for Computerization, the creation of regular statutory reserves and provisions for deprecation costs are some of factors which created the dire need of financial support through initiative of the Government of J&K.
Abdul Majid Bhat, Secretary to Cooperative Department J&K stressed the need for bring awareness amongst masses by the people who are actively involved in the Cooperative Movement and assured whole hearted support on his behalf and behalf of the Government for the successful running of the cooperative institutions in J&K.
Besides the dignitaries from the field of Cooperatives, the Board of Directors present on the occasion were Sumant Singh Jamwal, Bharat Bushan Gupta, Suresh Gupta, Sachin Gupta, Surinder Singh (Advocate), Varinder Singh Jamwal and Ravi Kant .