J &K Minister for Cooperative has said that to revamp the cooperative sector and bring the Cooperative Movement back on track, the Cooperative Department has prepared a comprehensive plan with a well defined road map, report Kashmir Images and Greater Kashmir.
Intervening in the discussion on the demand of grants for cooperative department in the state assembly, the minister said the government has initiated new measures to overhaul the cooperative department for ushering in major changes.
The minister said despite difficult terrain and hostile climatic conditions in the state, the cooperative movement has rendered a yeoman service to the people. There are about 3781 cooperatives registered under the J&K Self Reliant Cooperative Act, 1999, the minister informed.
The Minister said that the holding of elections to Cooperative Institutions makes them democratic entities. “Due to intervention from High Court and other sub-ordinate courts of Law, the process of holding elections of many important cooperative banks and other institutions remain under suspension,” he said. “The Government is handling the court cases with vigor and the same has stared yielding results.”
The Minister said that the deposits of the Cooperative Bank reached Rs 3187.78 crore. He said that 733 Kisan Cards were distributed by the Banks despite their weak financial health during the year 2013-14, 2014-15.
Later, the House passed the grants of Cooperative Department for the year 2016-17, which were moved by the Minister. Readers would know that RBI has put on notice three cooperative banks operating in the state for failing to achieve minimum capital and reserve requirements.
Minister revealed of the total 3781 Cooperatives registered only 988 were functional in the state. He said there were nine Cooperative Banks operating in J&K with a total of 264 branches and having a deposit of Rs 3127 crores.