Early Times Report
Jammu, Nov 8: Department of Cooperative Bank Supervision (DCBS), RBI, Jammu conducted the 19th meeting of the Task Force on Urban Co-operative Banks (TAFCUB) for the State of Jammu and Kashmir today.
N.K. Sahu, Regional Director, Reserve Bank of India, Jammu and Kashmir State presided over the meeting. B.A. Bhat RCS, J&K Government,Additional Secretary Co-operative Department, J&K State, Subhash Gupta, Chief Executive, NAFCAB, MD / CEOs of the all the four UCBs viz.
The Citizens Cooperative Bank Ltd. (CCBL), Jammu, Devika Urban Cooperative Bank Ltd. (DUCBL), Udhampur, Urban Cooperative Bank Ltd. (UCBL), Anantnag and Kashmir Mercantile Cooperative Bank Ltd. (KAMCO), Sopore along with officers of RBI, DCBS, Jammu participated in the meeting.
The financial performance of the four UCBs was reviewed in the meeting. The other issues relating to Revised Supervisory Action Framework (SAF) imposed on CCBL, Jammu, timely completion of elections of Board of Directors of CCBL, Jammu and DUCBL, Udhampur, capacity building initiative undertaken by RBI, etc. were discussed in the meeting.
N.K. Sahu, Regional Director highlighted the importance of cooperative sector in the development and employment generation in the State.
UCBs can cater to the financial needs of local populace / common man and serve their requirements, especially in the urban and semi-urban areas. He emphasized on the need to reduce the NPAs and improvement of asset quality of these banks. B.A. Bhat, RCS, stated that the election for constitution of new Boards in CCBL, Jammu and DUCBL, Udhampur will be conducted soon. He also stated that cooperative sector has an important role to play in the development of the State. The meeting concluded with vote of thanks by P.K. Jain, DGM, RBI.
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