Srinagar, Jan 1: The J&K State Cooperative Bank today held the Annual General Meeting of its shareholders, here. The meeting was significant for it was held after a gap of more than 40 years.
 Muhammad Shafi Dar, chairman of the bank who presided over the meeting unveiled the bank’s future plans, which were appreciated by the shareholders, a spokesman of the bank in a statement said.
 The chairman impressed upon the shareholding cooperative societies to actively involve themselves in the affairs of the bank.
 He said the Bank’s Core Banking System rollout was in the final stages. “If the Cooperative Banks have to succeed in the competition with PSU Banks as well as private sector banks they have to adopt the latest information technology,” he said, adding that for the purpose efforts are being made to provide appropriate training and better facilities to the officers.
 “A computer lab has been set under NABARD CDF programme. The bank proposes to establish a training college to cater to the training requirements of the whole cooperative credit structure,” he added. 
 Regarding its financial achievements, the report present at the AGM said that the deposits have increased from Rs 490.22 crore in 2010-11 to Rs 537.69 crore in 2011-12.  The loans and advances have touched Rs.125 crore.
 The bank has distributed Rs.416.40 lakh under the Kissan Credit Card scheme and other agriculture allied schemes in five districts where it is functioning as central financing agency.
 The AGM approved “Bye Laws 2012” in tune with the J&K Cooperative Societies Act, Rules and business parameters.
 The Annual Statements of Accounts together with Audit Report of Chartered Accountants for 2011-12, were also considered and approved for action.

Lastupdate on : Tue, 1 Jan 2013 21:30:00 Makkah time
Lastupdate on : Tue, 1 Jan 2013 18:30:00 GMT
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