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J&K: Yasha Mudgal reviews functioning of ACCB

J&K: Yasha Mudgal reviews functioning of ACCB

JAMMU, NOVEMBER 04: Commissioner Secretary, Cooperative Department, Yasha Mudgal, today chaired a meeting to review the functioning of Anantnag Central Cooperative Bank (ACCB) here at civil secretariat.

The meeting was attended by Registrar Cooperative Societies, Managing Director ACCB, BCCB, Director Finance, Cooperative Department, Joint Registrar Societies (Banking & Finance), branch heads of ACCB and BCCB and other concerned officials.

Commissioner Secretary directed the officers to focus on loan sanctioning and disbursement thereof for revival of branches of the banks. She also directed for redoubling efforts towards achieving the set target.

Yasha stressed that the bank should focus on various points including attainment of minimum level of CRAR, reduction of NPA level, enhancement of deposits, building up strong management information system and implementation of core banking solutions to achieve the set targets of current financial year.

Managing Director briefed the meeting that a target of Rs 12.84 crore was allocated to the bank to be recovered upto October 2023 against NPAs of Rs 16.6 for March 2023. He added that the bank was also given a target of fresh loan disbursement of Rs 44.77 crore upto October, 2023.

He further elaborated that the bank has released Rs 27.61 crore against a target of Rs 44.77 crore upto October of current financial year making 62 percent achievement with shortfall of Rs 17.16 crore.

MD ACCB also briefed the meeting that out of 264 NPA accounts, 14 NPA have been closed by the end of September 2023. He said that bank recovered an amount of Rs 4.73 crore upto October 23 making 37 percentage achievement.

MD,ACCB also said that the bank has taken up other recovery initiatives for physical possession of those account numbers to repay the amount to the bank. He stated that the mentors personally visited those branches suffering loss shown as per the monthly report of bank to recover the amount from the defaulters.

Commissioner Secretary directed the Bank to increase profitability and focus on branches which still need to turn around . The MD informed that out of 34 branches of ACCB , 26 are currently under profit and he assured that necessary steps are being taken to make the remaining branches profitable as well.


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