Cabinet decision to revive unlicensed DCCBs to benefit farmers: Dorjay

Srinagar: Minister for Cooperatives and Ladakh Affairs, Chering Dorjay Thursday said the State Cabinet’s decision to revive three unlicensed District Central Cooperative Banks (DCCBs) of the State in Jammu, Baramulla, and Anantnag would benefit farmers and the decision will be implemented within the stipulated time.

The Minister said the State Government has already signed an MOU with Union Government, Reserve Bank of India (RBI) and NABARD, which stipulates that ‘Corporate Governance Systems’ should be put in place in all the Central Cooperative Banks (CCB). He said the Cabinet has decided to constitute a High Powered Committee under the chairmanship of the Chief Secretary which will monitor, overlook, and evaluate the progress of these banks.

Dorjay said the revival of the DCCBs will enhance the worth of the Department and will benefit particularly the farmers.

“It is the time when we need to redouble our efforts and nurture the Department by actively participating in conceptualizing the schemes and to take up viable income generating cooperative works in a democratic manner for the welfare of the people” he added.

The Minister said the Cooperative Department is pivotal in enhancing the socio-economic profile of people of the State.