Tuesday, January 28, 2020

Ang. Cooperative Bank adopts resolution for capital infusion of Rs 120 cr


TSL News Network

SRINAGAR, Jan 28: A maiden meeting of Professional Board of Directors (PBOD) was held today at Anantnag Central Co-operative Bank.

The meeting was chaired by Secretary Cooperatives Abdul Majid Bhat as the Chairman of the Board. Board members viz. Deputy Commissioner Anantnag, Director General Budget J&K, Director Horticulture Kashmir, Advocate AH Dar, Associate member of B.R.Sobti and Co., M.A.Attar Ex-President J&K Bank and Muzaffar Sultan CEO/MD as member Secretary attended the meeting.

Board took decisions, which include, constitution of the audit committee to be headed by the Deputy Commissioner Anantnag, Executive Committee to be headed by Chairman himself, Human Resource (HR) Committee to be headed by Deputy Commissioner Anantnag, loan committee to be headed by M A Attar. The other committees that were approved are Monitoring Evaluation Committee, Institution Development Committee, Investment Committee, Vigilance Committee, Assets Liability Management Committee, IS committee, Compliance Cell and Grievance Redressal Committee.

The Board adopted a resolution for Capital infusion of Rs.120.25 Crore approved by the Government making the bank eligible for grant of license by the Reserve Bank of India and to switch immediately over National Payment System with ATM operations.

The Board accorded sanction for Prosecution of some of its employees involved in financial irregularities. The Board reviewed the key financial indicators including deposits, loans and advances and CD ratio. Board was convinced with CD ratio of 52.09% as of September 2018 and NPA management. The Board reviewed the Turn Around Plan whereby the bank will be complying with all banking standards by March 2022.

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