Excelsior Correspondent
JAMMU, Nov 16: Hinting that all three ailing cooperative banks in State shall be bailed out soon, Minister for Co-operatives Chering Dorjay today said that some vital decisions are likely to be taken in a meeting with Minister for Finance Haseeb Drabu scheduled to be held at Civil Secretariat, tomorrow.
Addressing a large gathering at a function organized by Jammu Central Cooperative Bank (JCCB) in connection with the celebrations of 63rd Cooperative Week-2016 at the Sehkari Bhawan, here today, the Minister said revival of the ailing cooperative banks is the major issue for the State Government and some important decisions are likely be taken in a meeting with Minister for Finance Haseeb Drabu scheduled to be held at Civil Secretariat, tomorrow afternoon.
“Now when Government is all set to bail out these banks, the responsibility of good corporate governance, transparency and modernization lies upon the administration of the bank and in case of any problem they can take help of NABARD. The Reserve Bank of India, NABARD and the State Government will also intensify monitoring of these banks,” the Minister averred.
“The revival of these banks was big challenge for me as from day one when I took over charge as Minister for Cooperatives I understood the importance of the revival package but due to some unavoidable circumstances and misunderstandings, the revival package was delayed. I will feel fully relieved and it will be to my utmost satisfaction when the revival package is issued to these three cooperative banks, the Minister maintained.
Stressing upon further strengthening of the cooperative institutions in the State, Minister for Cooperatives said that initially the Government is conducting elections of the cooperative societies all over the State and thereafter the elections of the Apex bodies will be conducted. The elections of societies are almost complete in Jammu region while the elections of societies in Ladakh are going on and soon after normalcy in Valley the elections will be conducted there also.
The Minister earlier hoisted cooperative flag to commence the celebrations of 63rd Cooperative Week-2016 at the Sehkari Bhawan.
Registrar Cooperatives Bashir Ahmad Bhat stressed for improvement of credibility of societies, transparency, accountability, maintaining good relations with State Government.
Earlier, Chairman JCCB Mohinder Singh and Vice Chairman of the Bank Nand Kishore Sharma also spoke about financial inclusion of the Bank.
Among those who spoke on the occasion included Professor Dr Virender Koundal Department of Economics University of Jammu who delivered a lecture on “Financial Inclusion through Cooperatives”, Board of Directors Altaf Hussain Shah, Retired Major General Goverdhan Singh Jamwal, Rajesh Sharma, Chairman, J&K Cooperative Union, GM NABARD BR Patnaik.
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