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Steps being taken to revive cooperative banks in state: Dorjay Says Rs 249 crore required for revival of three cooperative banks 11/18/2015 1:17:00 AM Early Times Report Jammu, Nov 17: Stressing that the priority of the state government is to bail out three ailing cooperative banks in state by the end of the year, Minister for Co-operatives Chering Dorjay today said that memorandum of understanding (MoU) has been signed between the state and central government and soon the capital would be infused for the survival of these banks. He said that several revolutionary steps have been taken by the government on the directions of chief minister of state Mufti Mohammad Sayeed to revive these cooperative banks in the state. Addressing a large gathering of people at a function organized by the Jammu Central Cooperative Bank (JCCB) in connection with the celebrations of 62nd Cooperative Week-2015 at the Sehkari Bhawan, here today, the Minister said that efforts are afoot to upgrade the functioning of the cooperative banks under the radar of Reserve Bank of India. He said that Rs 249 crore is required for the revival of three cooperative banks to make these financial institutions competitive one. As the revival of these banks is the major issue for the state government, the minister said with the assistance of central government and NABARD these banks would be bailed out by the end of this year. The Minister assured to provide two pending installments of Rs 8 crore of JAKFED which he said could help in resolving various problems of the bank. He also assured to take up the issue of parking of funds of centrally sponsored schemes in cooperative banks as these banks are directly connected to grass root in rural areas, farmers and poor people. Earlier, in his welcome address and while giving the resume of the bank, Chairman Jammu Central Cooperative Bank (JCCB) Mohinder Singh asserted that JCC Bank is a provincial level bank which into existence in the year 1914 and has now entered into 102nd year. The bank is providing banking facilities in every nook and corner of 10 districts of the Jammu Province through the network of its 89 branches and 16 extension counters.   Share This News with Your Friends on Social Network     Comment on this Story

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