Srinagar, 19 June (KMW): 16th State level meeting of Task Force on Co-operative Urban Banks (TAFCUB) was held under the chairmanship of Mr. D. Sethy, Regional Director, Reserve Bank of India for Jammu & Kashmir State at Srinagar. Mr. Sethy, while welcoming the participants, highlighted the role played by TAFCUB in ensuring smooth functioning of Urban Co-operative Banks (UCBs).
Members deliberated upon various issues plaguing the co-operative sector such as deficiencies in management, technology up-gradation, Core Banking Solution (CBS) implementation, capacity building, capitalization, strengthening recovery management of bad loans, especially chronic NPAs etc. Financial position of all the four UCBs operating in J&K State as on March 31, 2015 was also reviewed.
The TAFCUB expressed concern over the poor performance of Citizen’s Coop. Bank Ltd., Jammu and advised the bank to submit a road map to RBI for improving their financial strength and comply with regulatory stipulations.
Members were unanimous in requesting the State government to expedite enactment of 97th Constitutional amendment in the State which will bring in uniformity with respect to the State Co-operative Societies Act and to keep the cooperative banks free from unnecessary outside interference as also to ensure their autonomous organizational character with democratic functioning.
The meeting was attended by Special Secretary, Co-operative Department, Joint Registrar, Cooperative Societies, a member from National Federation of Urban Cooperative Banks and Credit Societies Ltd. (NAFCUB), apart from MD/CEOs of four Urban Co-operative Banks operating in J&K State.
