The Minister was addressing a felicitation function here today, convened by United Forum of Citizens Cooperative Bank Employees to honour the Minister for his strenuous efforts to support the Bank since he took charge of the department.
Speaking about the expansion programme of the Bank, the Minister said that with present 11 branches and four extension counters, the Bank can’t meet the demand of public, thus the Government is contemplating on opening up of more branches to provide access to people and also to provide an opportunity of promotion avenues for present staff.
Expressing satisfaction over the achievements of the Bank, the Minister said that with Rs 246 crore deposits with the Bank, the share capital is Rs 210 lakhs and advances of the order of Rs 123 crore. He said Bank has a high level of Rs 3260 lakh NPA which amounts to 11.01%.
Giving details of recoveries, Dr Sharma said that a record of Rs 1856.47 lakh have been recovered from the loanees during current financial year.
Speaking about challenges confronting the Bank, the Minister said that there is stiff competition from public and private sector Banks, therefore, it is extremely important to work with more dedication and enthusiasm so that the Bank is at par with other Banks of the State.
He said Bank has launched One Time Settlement Scheme (OTS) to settle the old and chronic non-performers assets which have been clarified as doubtful and loss assets, under this scheme. The scheme shall remain in force upto March 31st, this year.
The Minister appealed borrowers to avail this golden opportunity and get bailed out from the debt in order to avoid harassment.
Secretary Cooperatives, Abdul Hamid Wani in his speech said that citizens Cooperative Bank is the first Bank of its kind which has been opened in urban sector. He hoped the bank shall lead the other banks by its fast growth and development.
Stressing for discipline and punctuality, Wani directed the employees of the Bank to observe basic principles of banking service and remain united so that nefarious designs of vested interests are diffused. He advised the employees to unite under principle not under person.
Director Information, Kh. Farooq Renzushah in his address said that every dynamic and responsible person deserves appreciation as it encourages him to work with more zeal and dedication.
Renzushah joined the united Forum in felicitating the Minister for his utmost effort in popularizing cooperatives in masses and supporting cooperative Bank so that the Bank ushers in new era of progress and prosperity. He assured the United Forum that he as Director Information shall always be supportive to the cooperative Bank and its functionaries.
Managing Director of the Bank, Ashok Goswami on this occasion projected certain demands before the dignitaries which included computerization of the Bank, expansion, financial support, discouragement of bad loaning and other matters related to Bank’s smooth functioning and peaceful work.
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