Citizens’ Cooperative Bank Officers Association calls on Secretary Cooperative  Yasha Mudgal

JAMMU, JULY 06: A deputation of Citizens’ Cooperative Bank Officers Association today called on Secretary Cooperative, Yasha Mudgal and highlighted their issues and concerns.

President of the Association, Anil Khajuria, apprised the Secretary that according to the 19th TAFCUB meeting at RBI Jammu, the need for subscribing Share Capital to UCBs for their smooth functioning was felt by the authorities to improve their financial condition. Accordingly, as per the outcome of the said meeting, the Citizens’ Cooperative Bank was designated as Nodal Bank to submit a vision document to the J&K government for requisition of Rs.19.00 crore  Share Capital for UCBs. The Bank submitted said proposal wherein Rs.10.00 crore of Share capital for CCBL and Rs.3.00 crore each for the other three  UCBs of J&K was requested to be subscribed by the government. The Association apprised the Secretary that the proposal is under consideration of the J&K government and sought her intervention in early approval of the same.

 Besides,  the deputation brought into the notice of the Secretary that the present Board of Administrators headed by Dr. Arun Manhas, Chairman of the Bank,  is making all efforts to bring the bank back on rails. The Board of Administrators has also been making its best endeavors to comply with the provisions of the Banking Regulation Act  1949 so that the issue of compliance sought by RBI  regarding disposal of non-banking assets is concluded at the earliest to improve the Bank’s financials.

Secretary  Cooperative Department assured the delegation that all necessary steps shall be taken up on priority so that their pending issues of Share Capital with the government is resolved. She also assured all necessary cooperation in respect of the disposal of a non-banking asset that is already in progress.

Secretary said that the Bank should endeavor to become a profitable licensed bank as per the RBI guidelines within the next one-year period which will be a feather in its cap as the bank is already CBS compliant and now needs to improve its CRAR ratio to become a licensed bank.

Other office bearers who represented CCBOA were Rachpal Choudhary, General Secretary, and Shakti Dutt Sharma, Sonal Mehta, and Rajesh Magotra, Executive members.