Srinagar: Minister of State for Forest, Environment, Animal & Sheep Husbandry, Fisheries and Cooperatives, Mir Zahoor Ahmad Wednesday chaired a meeting of Jammu and Kashmir State Co-operative Agriculture and Rural Development (SCARD) Bank to review its overall functioning.
He also inspected the proposed site for Head Office of SCARD Bank, Srinagar. Managing Director, SCARD Mohammad Aslam Bhat and other officers of Bank accompanied the Minister.
The Management of the Bank briefed the Minister about creation of assets by way of purchase of 3.5 kanals of land from Srinagar Development Authority for construction of Head Office building at Srinagar and similarly 1.5 kanals of land from Jammu Development Authority for construction of Regional Office building at Jammu.
During the meeting, the Minister was informed that the total business of the Bank as on March 31, 2012 was Rs 21.81 crore which has now reached to Rs 130.64 crore as on 31 March 2017 thus recording a growth of 547 percent.
It was said the total deposit outstanding as on March 31, 2012 was Rs 12.07 crore which has reached to Rs 128.62 crore as on March 31, 2017 recording a growth of 966 per cent.
Taking stock of Recovery and Non Performance Assets (NPA) positions, the meeting was told that SCARD Bank has taken steps for effective follow up of sticky and long outstanding loan accounts. It was said in 2011-2012 the recovery performance was 31.67 per cent which has reached to 50.61 percent during 2015-2016. Position of NPA’s as on 31st of March, 2012 was 22.68 percent which was reduced to 11.76 percent as on 31st of March 2017.
Detailed discussions were also held on lending Business. It was informed that the Bank has made tremendous achievement in the lending sector since January 2009 in both Farm and Non-Farm sector and has advanced Rs 70 crore which is a record lending business since the inception of the Bank in a short span of time after suspension of lending since 2003.
The Bank has cleared all liabilities of financial institutions including NABARD, the meeting was told.
Addressing the meeting, the Minister appreciated the Management of the Bank for their good performance over the past five years. He asked the officials to work hard with added zeal and vigour. He, however, stressed upon them to further improve the Bank’s performance.
Later, the Minister went round the various sections including establishment, administration, accounts, law, finance, planning, recovery and deposit sections of the existing Head Office of the SCARD Bank.
