Excelsior Correspondent
JAMMU, Feb 23: To monitor the performance and review functioning of the cooperative institutions, the State Government has accorded sanction to the constitution of a High Level Committee.
Headed by the Financial Commissioner, Planning and Development Department as its Chairman, the committee shall review functioning of the State Cooperative Bank and District Central Cooperative Banks. It shall mainly ensure sustainable financial soundness and efficiency, adherence to regulatory compliance, compliance with important statutory provisions and guidelines, review of top-10 NPA accounts, review of banks’ major business parameters like deposits, borrowings, diversification of loan and advances and investments, liquidity position, issues relating to governance, responsibility and accountability of the Board, measures for capacity building/professionalization of Board of Directors, autonomy in decision making, internal check and control system and risk Management System, oversee Audit related issues, issues relating to technology upgradation, monitoring of revival package for three District Central Cooperative Banks and other issues related to governance and management of Cooperative Banks, underlined by NABARD.
The committee shall also guide Cooperative Banks in business planning and diversification within the overall perspective of development.
The meeting of the committee shall be held on a quarterly basis within 45 minutes from the end of the quarter and shall be serviced by the Cooperative Department.
Members of the committee, include; Commissioner Secretary Finance Department, Secretary Cooperative Department, Registrar Cooperative Societies, J&K, Regional Director RBI, Joint registrar Cooperative Societies (Banking and Finance, J&K,) Chief General Manager NABARD, regional Office and Managing Director J&K State Cooperative Bank.
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