‘Govt has taken revolutionary steps to boost cooperative sector’

59th All India Cooperative Week


Jammu, Nov 14: Minister of State for Cooperatives and Finance, Dr Manohar Lal Sharma has said that several revolutionary steps have been taken by the Government to revive the cooperative sector in the State during the past three years and encouraging indicators are visible on ground.
 Addressing a large gathering of people at a function organized by the Jammu Central Cooperative Bank (JCCB) in connection with the inauguration of 59the Cooperative Week-2012 at the Sehkari Bhavan, here today, the Minister said that efforts are afoot to upgrade the functioning of JCC Bank on modern lines to make this financial institution a competitive one. He said people want good service and the bank will attract the clients with the improved services, strictly under the guidelines of Reserve Bank of India. The Core Banking is the prime need of the hour and without this essential facility the bank cannot grow, therefore, the bank will be brought under the ambit of this service, he added.
 Expressing satisfaction on the performance of the JCCB and other organizations under the Cooperative Ministry, the Minister said that with the collective efforts of its employees, the financial profile of these institutions has improved substantially. The employees of JAKFED and Super Bazaar have been recently given the benefits of 6th Pay Commission which itself speaks about their substantial contribution towards cooperative movement. The rest will also follow the same provided they perform well and make their organizations profitable. He stressed upon the JCCB to step up its efforts to realize the recovery which is important factor for the sustenance of a financial institution. He said the officials who will achieve the targets will be suitably rewarded. He also appealed to all the stakeholders to continue their trust in the cooperative sector for making it stronger and growth oriented. The mandate of the cooperative sector is not earning profit only but to provide services to the people with distinction, especially to the farmers and poor sections of the society, the Minister said.
 Highlighting the importance of Cooperative Week, the Minister said that the cooperative movement was launched in India about hundred years ago and the year 2012 has been declared as International Year of Cooperatives. The objective of the cooperative is to help the farmers and poor sections of the society, women folk through cooperative mode. The cooperative has progressed substantially worldwide and millions of people are availing benefits through the network of cooperative movement. The State has also registered satisfactory progress in this sector, particularly during the past three years. He said still lot has to be done in this sector and hoped that the objective will be achieved with the cooperation of all stakeholders.
 The Chairman of the JCCB, Kr. Mohinder Singh also spoke on the occasion and gave resume of the activities of the bank. He apprised that JCCB was established in Jammu during the year 1914 and presently having 89 branches and 16 extension counters spread in different districts of Jammu division. The bank is having deposits to the tune Rs. 1213.16 crore and advances of Rs. 393.83 crore at the moment.
 The bank has issued over 23000 Kissan Credit Cards amounting to Rs. 36.88 crore. Out of the total advances, Rs. 62.20 crore has been advanced under Farm Sector. Presently there are 374 Primary Agriculture Coop. Credit Societies associated with the bank and are availing the benefits of loaning facilities. He said that bank has stepped up the recovery process and has also improved the recovery profile this year, the Chairman maintained.

Lastupdate on : Wed, 14 Nov 2012 21:30:00 Makkah time
Lastupdate on : Wed, 14 Nov 2012 18:30:00 GMT
Lastupdate on : Thu, 15 Nov 2012 00:00:00 IST

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