RBI's J&K task force for urban cooperative banks holds review meeting

Reserve Bank of India (RBI) conducted its 25th meeting of the task forces on cooperative urban banks (TAFCUB) for Jammu and Kashmir on Friday at regional office of the RBI in Jammu.

According to a statement, the meeting was conducted by the Department of Cooperative Bank Supervision (DCBS) of RBI, Jammu, which was presided by Thomas Mathew, regional director, Reserve Bank of India, Jammu and Kashmir, presided over the meeting.  Surjeet Singh, Joint Secretary, Co-operative Department, Govt. of J &K; GhulamMohi-din-Din Kulay, Assistant Registrar Co-operative Societies, J&K; Subhash Gupta, Chief Executive, NAFCUB; MD / CEOs of the all the four UCBs viz. The Citizens Cooperative Bank Ltd. (CCBL), Jammu, Devika Urban Cooperative Bank Ltd. (DUCBL), Udhampur, Urban Cooperative Bank Ltd.

(UCBL), Anantnag and Kashmir Mercantile Cooperative Bank Ltd. (KAMCO), Sopore along with officers of RBI, DCBS, Central Office and Jammu Regional Office participated in the meeting.

RBI officials highlighted the importance of KYC and Credit Information Companies (CICs) for co-operative banks. They also emphasized on cyber security in the banks to protect from cyber frauds.

Assistant Registrar Co-operative Societies apprised the house that empanelment of Statutory Auditors is at final stage for the financial year ended March 31, 2019. Surjeet Singh, Joint Secretary Co-operative Department, also informed that the capital infusion for the improvement in financials of UCBs is under process. Subhash Gupta, CEO, NAFCUB highlighted the importance of NPA management and advised the UCBs to form a Board approved policy for the Bank for recovery of NPAs.

The financial performance of the four UCBs in the preceding quarters was reviewed in the meeting. The bank specific regulatory and managerial issues were also discussed with the banks, individually by AB Dutta, DGM RBI.

The meeting concluded with vote of thanks by Sh. A.B. Dutta, DGM, RBI.  Agencies