25th meeting of the Task Force on Co-operative Urban Banks (TAFCUB) for the State of Jammu and Kashmir

JK News Today

Jammu, March 15:

Department of Cooperative Bank Supervision (DCBS), RBI, Jammu conducted the 25th meeting of the Task Force on Co-operative Urban Banks (TAFCUB) for the State of Jammu and Kashmir on March 14, 2019 (Thursday) at 11:30 AM in the Conference Hall of Reserve Bank of India, Jammu. Sh. Thomas Mathew, Regional Director, Reserve Bank of India, Jammu and Kashmir, presided over the meeting.  Shri Surjeet Singh, Joint Secretary, Co-operative Department, Govt. of J & K; Shri Gh.Mohi-din-Kulay, Assistant Registrar (Hqr.) Co-operative Societies, J&K; Shri Subhash Gupta, Chief Executive, NAFCUB; MD / CEOs of the all the four UCBs viz. The Citizens Cooperative Bank Ltd. (CCBL), Jammu, Devika Urban Cooperative Bank Ltd. (DUCBL), Udhampur, Urban Cooperative Bank Ltd. (UCBL), Anantnag and Kashmir Mercantile Cooperative Bank Ltd. (KAMCO), Sopore along with officers of RBI, DCBS, Central Office and Jammu Regional Office participated in the meeting.

RBI officials highlighted the importance of KYC and Credit Information Companies (CICs) for co-operative banks. They also emphasized on cyber security in the banks to protect from cyber frauds. Shri. Gh.Mohi-din-Kulay, Assistant Registrar (Hqr.) Co-operative Societies, J&K, apprised the house that empanelment of Statutory Auditors is at final stage for the financial year ended March 31, 2019. Shri Surjeet Singh, Joint Secretary Co-operative Department, also informed that the capital infusion for the improvement in financials of UCBs is under process. Shri Subhash Gupta, CEO, NAFCUB highlighted the importance of NPA management and advised the UCBs to form a Board approved policy for the Bank for recovery of NPAs.

The financial performance of the four UCBs in the preceding quarters was reviewed in the meeting. The bank specific regulatory and managerial issues were also discussed with the banks, individually by Shri A.B. Dutta, DGM RBI.

The meeting concluded with vote of thanks by Sh. A.B. Dutta, DGM, RBI.

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