‘JCCB soars to new heights, loans surge, investments flourish, NPAs tumble’
Srinagar, Oct 9: In a financial triumph, the management of Jammu Central Cooperative Bank Limited today said that the bank is witnessing astonishing growth in loans, investments, and NPA recovery.
A statement said that the management of JCCB highlighted its achievements and resolution of HR issues including the 6th Pay Commission under the stewardship of YashaMudgal, Commissioner /Secretary Cooperative Department and Chairperson JCCB, with the assistance of team leader CEO and Managing Director of the Bank.
The Bank Management was addressing a press conference, here today.
To substantiate its claim of transformation in the functioning of JCCB since the taking over of YashaMudgal Commissioner/ Secretary of Cooperative Department/Chairperson JCCB, the JCCB management highlighted that the Bank had issued Rs 26.60 crore Loans till March 2021 which rose to a whopping Rs 81.28 crore in March 2023 and has touched a whopping Rs 82.40 crore in the first 6 months of the current Financial Year 2023-2024.
In the last two years, the Investment figures have also increased handsomely from Rs. 856.20 crore in March 2021 to Rs. 1015.61 crore in September 2023, the Management said.
The recovery of Non-Performing Assets (NPAs) has been exceptional under the leadership of YashaMudgal. The NPAs slashed from Rs 110.00 Crore (37%) in March 2021 to Rs 81 Crore (29%) in March 2023 and to Rs 72 Crore in September 2023.
Pertinently, the amount recovered from the NPA has been kept for making the bank CBS-compliant which is one of the prerequisites for RBI license.
The Bank has achieved the recovery of Rs 3 crore from the defaulted Primary Agriculture Societies with the help of Cooperative Department Officers (DRs and ARs) under the guidance of the Commissioner /Secretary to Government Cooperative Department, J&K, the statement said.
The Bank’s net profit has also shown upward trends as it was making a loss of Rs 12.40 crore till March 2021. However, at the end of FY 2022-23, the bank registered a profit of Rs 0.28 crore after a gap of 3 decades.
The management highlighted that to revamp the financial health of the District Central Cooperative Banks (DCCBs) of the Union Territory, the J&K Government with the intervention of the Commissioner / Secretary to the Cooperatives Department has released a sum of Rs 366 crore in the year 2022 through re-capitalization package which was pending since 2014.
Out of the said amount, Rs 180 Crore was released in favour of JCCB owing to which the CRAR of the Bank has improved from –76.00 to –14.00.
The management further highlighted that due to the best efforts of the Commissioner /Secretary/ Chairperson JCCB and CEO & Managing Director, the Bank has taken a major technological transformation i.e. it has started the Core Banking Solution Transformation Project, migrating from legacy Banking to Digital Banking Transformation. The work has been undertaken by C-edge Technology which is a joint venture between TCS and State Bank of India. The CBS Project is likely to be commissioned during the current financial year.