Sanctions Rs 100 cr loan for JKIDFC
SRINAGAR, JULY 24: Secretary, Cooperatives Department, Yasha Mudgal, today chaired board meeting of Jammu Central Cooperatives Bank Limited here at Civil Secretariat.
Deputy Commissioner, Jammu, Anshul Garg; Managing Director, Jammu Central Cooperative Bank, Nishi Kant Sharma; Director, Accounts and Treasuries Jammu, Neeraj Gupta Bakshi; Director, Agriculture Jammu, Dr K K Sharma; Advocate, Seema Khajuria Shekhar and Former President, J&K Bank Limited, S K Bhat attended the meeting as members of the Board via video conferencing.
Nishi Kant apprised the meeting about present status of physical and financial achievements of the bank. He highlighted various issues pertaining to disbursement of loans of agriculture, horticulture and cooperative sectors.
On the occasion, board members gave their valuable suggestions regarding further improvement in working of the bank. They also agreed with the Chairman for sanctioning of Rs 100 crore loan to JKIDFC Limited considering it a good business opportunity backed by irrevocable and unconditional guarantee by the government of Jammu and Kashmir.
The board unanimously decided that bank should sanction and release the said term loan in favour of JKIDFC subject to compliances of observations raised by the Directors during the deliberations.
Secretary directed the MD to follow guidelines of RBI, and NABARD. “With sanctioning of the said term loan of Rs. 100 crore, the CD ratio of the bank will improve substantially and NPA ratio will come down. This will also lead to an increase in the interest income of the bank with good returns. The bank will be immensely benefitted with this regular income which will result in its operating income going up and losses getting reduced”, she maintained.
