JAMMU: It was a challenge to bring the Citizen’s Cooperative Bank Limited (CCBL) Jammu out of red and the challenge was well accepted with the result Jammu’s oldest financial (urban cooperative) institution has, for the first time, earned profit, though it was a small amount.
This was stated by government appointed Administrator of the CCBL Jammu, Dr Arun Manhas at the launch of bank’s ‘Daily Deposit Saving Scheme’ in a well attended function here today.
“When assigned with the job of administrator of the CCBL, it was a challenge me, which, to be very frank, I accepted knowing that I have no banking background. Now, I have learned a lot and results are there. For the first time since its inception, the CCBL has earned profit, no doubt it was a small amount. But, the profit is profit,” explained Arun in front of a gathering of prominent businessmen and citizens of the City.
The Daily Deposit Scheme is designed to benefit the small vendors, hawkers, mechanics, small transport operators etc.
The scheme was launched by Deputy Commissioner, Jammu, Kumar Rajeev Ranjan in presence of President Chamber of Commerce and Industries, Rakesh Gupta and Vice President of J&K Bank Ltd., Rakesh Maini.
Deputy Commissioner appreciated the initiative taken by Dr. Arun Manhas for introducing scheme which focuses to cater the banking needs of people at micro Ievel.
“The purpose and benefits of the scheme which is particularly designed not only to benefit the small vendors who would like to save a part of their sale proceeds/expenditure on daily basis under the scheme but also to promote financial inclusion and create a niche for the bank in the market for micro finance,” giving details, Managing Director of CCBL, Ashok Goswami.
President Chamber of Commerce and Industries, Rakesh Gupta also spoke on the occasion. He assured for making it successful. He recalled that the Citizens’ Cooperative Bank Ltd., Jammu has always remained pioneer in fulfilling the banking and credit needs of people in Jammu particularly traders, industrialists and transporters. He stated that the CCBL is brand of Jammu and the Chamber of Commerce and Industries is committed for the growth of this bank in view of its role for the Jammuites.
The presidents, general secretaries of various traders associations, clients of the bank, branch managers and other staff of the bank were present on the occasion. Later, Managing Director of CCBL, Ashok Goswamy presented a vote of thanks to the dignitaries.