STATE TIMES NEWS
JAMMU: A meeting of Task Force was convened by the Reserve Bank of India (RBI) at Srinagar on Friday in order to review the functioning of urban cooperative banks operating in the State of Jammu and Kashmir. The said meeting was held under the chairmanship of Regional Director, Reserve Bank of India D. Sethi.
According to sources, RBI has expressed its dissatisfaction over the functioning of such banks in the State as there were shortcomings with regard to the technology upgradation, Core Banking Solutions (CBS), capacity building and huge NPAs. Grave concerns were shown in the meeting over the functioning of the Citizen’s Cooperative Bank in particular. The authorities of the bank were directed by the RBI to prepare a road map for putting the bank on strong footings and reducing the alarming NPAs. The members of the Task Force requested the State Government for implementing the provisions of the 97th Amendment in our State Cooperative Act soon.
