JULY 24: Chief Minister Omar Abdullah recently chaired a high-level review meeting focused on the performance and prospects of Cooperative Banks in Jammu and Kashmir. The meeting saw detailed discussions on the financial health of the District Central Cooperative Banks (DCCBs), ongoing reforms, and the roadmap for revitalising weaker institutions within the cooperative banking sector.
During the meeting, CM Omar Abdullah expressed satisfaction with the improved performance of the Jammu and Anantnag DCCBs, noting that these banks have shown positive growth trends and a more robust financial footing. He acknowledged their efforts in expanding outreach and maintaining fiscal discipline.
However, concern was raised over several DCCBs that continue to incur losses. The Chief Minister directed the concerned departments and stakeholders to prepare actionable revival strategies for these banks. He emphasised the urgent need for structural reforms and accountability to ensure that cooperative institutions fulfil their intended role in rural credit support and community development.
Highlighting the broader vision for grassroots empowerment, CM Abdullah underscored the significance of digital integration and technology adoption in the cooperative banking ecosystem. He particularly stressed the ongoing computerisation of Primary Agricultural Credit Societies (PACS) and the formation of new Multi-Purpose PACS (M-PACS) as game-changing initiatives. These steps, he said, would not only enhance transparency and efficiency but also strengthen financial inclusion at the village level.
The Chief Minister reiterated his commitment to making cooperative institutions people-centric, resilient, and future-ready. He directed officials to fast-track pending reforms and align local cooperative bodies with national-level cooperative development schemes for optimal results.
CM Abdullah also emphasised training and capacity building for staff and board members of cooperative banks to ensure competent governance and better service delivery. He called for increased coordination between the Cooperative Department, NABARD, and other regulatory bodies to provide strategic guidance and financial support.
The meeting concluded with a consensus on adopting a targeted, reform-oriented approach aimed at ensuring the long-term sustainability and credibility of J&K’s cooperative banking sector. The Chief Minister’s review signals a renewed push towards a more vibrant, inclusive, and digitally empowered cooperative framework in the Union Territory.
