Excelsior Correspondent
SRINAGAR, July 18: Minister of State for Finance, Planning and Cooperatives, Dr. Manohar Lal Sharma has instructed the heads of Cooperative Banks to tighten noose around default borrowers and make recovery mechanism more stringent to ensure that the target of recovery fixed for current fiscal is achieved in full.
The Minister was reviewing the functioning of Cooperative Banks at an officers meeting here today.
Among others, Principal Secretary, Finance, B.B.Vyas, Chairmen, Anantnag Central Cooperative Bank, Baramulla Central Cooperative Bank, Jammu Central Cooperative Bank, J&K State Cooperative Bank, Srinagar, besides other senior officers of Cooperative Department were present on the occasion. “If we have to keep alive the cooperative movement in the State we have to strengthen cooperative institutions and improving financial health of Cooperative Banks”, he added.
Describing finance the back bone of every business, particularly for banks, the Minister asked the concerned to evolve a strategy for improving the financial health of the banks. The Minister directed them to expedite the recovery process and utilize all available means for the purpose.
B. B. Vyas issued certain guidelines to the heads of the banks for making their organizations viable and profitable financial institutions in the State.
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