Yasha Mudgal chairs Board meeting of Jammu Central Co-op Bank Ltd to sanction a 100 Crores Loan for Government backed JK...

Yasha Mudgal chairs Board meeting of Jammu Central Co-op Bank Ltd to sanction a 100 Crores Loan for Government backed JKIDFC

Members highlight various issues pertaining to disbursement of Agriculture, Horticulture and Cooperative sectors

Secretary, Cooperatives Department, Yasha Mudgal today chaired a Special Board meeting of the Professional Board of Directors of Jammu Central Cooperatives Bank Limited here at Civil Secretariat. She is also the Chairperson of the Board.

Deputy Commissioner, Jammu, Anshul Garg; Managing Director, Jammu Central Cooperative Bank, Nishi Kant Sharma; Director, Accounts & Treasuries Jammu, Neeraj Gupta Bakshi; Director, Agriculture Jammu, Dr K K Sharma; Senior Advocate, Seema Khajuria Shekhar; Ex President, J&K Bank Ltd, S K Bhat; attended the meeting as members of the Board via video conferencing.

Managing Director, Jammu Central Cooperative Bank apprised the meeting about the various components and the present status of the physical and financial achievements of the bank. He also highlighted the various issues pertaining to the dealing with disbursement of loans of agriculture, horticulture and Cooperative sectors.

On the occasion, the members of Professional Board of Directors of Jammu Central Cooperatives Bank Limited also spoke and gave their valuable suggestions to further improving the working of the bank and also agreed with the Chairman for sanctioning 100 cr rupees loan to JKIDFC Ltd, considering it a good business opportunity backed by irrevocable and unconditional guarantee by the Government of Jammu and Kashmir. The board unanimously decided that bank should sanction and release the said term loan in favour of JKIDFC subject to compliances of the observations raised by the Directors during the deliberations.

Secretary directed the MD to follow guidelines of RBI, and NABARD . With the sanctioning of the said term loan of Rs. 100 crores, the CD ratio of the bank will improve substantially and NPA ratio will come down. This will also lead to an increase in the interest income of the bank with good returns. The bank which is reeling under losses year after year , will be immensely benefitted with this regular income which will result in its operating income going up and losses getting reduced .