j&k Cooperative Banks to Recover Loans

March 11, 2011 - PRLog -- These sensational disclosures were made by the Minister incharge Cooperatives Dr Manohar Lal Sharma, who honestly admitted in the Upper House of the J&K Legislature today that all was not well in the Cooperatives Banks in the State. The Minister while responding to a question of Congress member Abdul Gani Valik, which was raised by M Y Taing in the House on his behalf, told that a recovery worth over Rs 155 crores from nearly 46800 defaulters was yet to be effected by the Cooperatives Banks in the State.

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The members from the Opposition as well as from the "coalition" grilled the Minister over the alleged slackness on the part of management of these Banks for not making recovery and causing extensive loss to these institutions and affecting their growth. Giving figures, Dr Sharma disclosed that Jammu Central Cooperative Bank Ltd has been found to be the major defaulters as the highest number of such people (37526) are from this Bank. He said the total recovery amount pending from these defaulters was put at around Rs 53.31 crores.

Citizens Cooperative Bank Ltd, Jammu is at the second place in the list as the bank has yet to recover an amount of Rs 32.60 crores from 1860 defaulters. Out of the total, an amount of Rs 29.46 crore recovery was pending in the Jammu branches of the Bank, whereas the recovery in Samba was just to the tune of Rs 3.13 crores from 195 defaulters.

Dr Sharma further disclosed that Baramulla Central Cooperative Bank Ltd has the list of nearly 1801 defaulters and the amount pending from them was to the tune of Rs 21.92 crore.

Highlighting the status of State Coop.Bank Ltd Srinagar, the Minister said that recovery worth Rs 17.25 crores is yet to be made from 1160 defaulters while Anantnag Central Bank Ltd has to effect the recovery of Rs 16.77 crores from 1094 defaulters, whereas, in J&K SCARD Bank Ltd the total pending recovery was to the tune of Rs 13.66 crore from the 1345 defaulters. Besides this, some recoveries were pending in Urban Coop Bank Anantnag, Kashmir Mercantile Bank Sopore, Devika Bank Udhampur and others.

Murtaza Khan said whether Government would waive off these recoveries or intends to effect recoveries for ensuring smooth growth and good health of these institutions. The Minister replied that Bank Managements have been directed to effect recovery and one time settlement scheme has also been introduced by giving special concessions. He said these banks can not sustain if the loans are waived off. Already their condition is not good. Asgar Ali from PDP asked whether Government will ensure proper cooperative movement in the State as it has already superceded several cooperative institutions/ banks and centralized the whole system which is against the spirit of this movement. The Minister replied that it had become necessary for the Government to intervene in the general interest of the public/ customers and elections are being held shortly of these bodies. Ajay Sadhotra, Naresh Gupta, Altaf Wani and M Y Taing also raised supplementaries.

The Minister, however, said that huge amount from farmers is also pending. He welcomed the suggestions from the members and assured that names alongwith photographs of the defaulters with pending amount will also be published in the newspapers. Notices are being issued to them. This amount is pending for the last over 10 to 15 years. Strict instructions were issued to the managements to effect recovery and several recovery cells of the branches after taking keen interest managed to recover pending dues worth Rs 18 cr from the defaulters up to Ist of March, he added.

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Replying to yet another question of Bashir Ahmed Magray, the Cooperative minister said that Shahoora Marketing Society, Nellora (Pulwama) has embezzled amount to the tune of Rs 6.50 lakhs. A total of 12 persons are involved in the embezzlement and the action under law is being taken against them. Out of the total amount misappropriated, the recovery to the tune of Rs 1.59 lakh has been made. Giving list, he said those involved in the embezzlement are- Abdul Razak Rather from Chakoora, Farooq Ahmed Band from Banderpora, Assadullah Sheikh from Palpora, Mohd Akbar Bhat from Niloora, Ab Gaffar Malik from Zasow, Mohd Ibrahim Dar,

Andul Majid Ganaie and Ghulam Rasool Ganaie

From Niloora, Abdul Rahim Wani from Liter, Gh Nabi Bhat from Khelan and Cooperative Medical Shop Gulzarpora.

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While responding to another question of Mr Taing on behalf of Mr Vakil, Minister said Government has not failed to hold the elections of Cooperative Societies. In fact, vide an amendment to the Cooperative Societies, Rules 2001 notified vide SRO 01 of 2005, responsibility has been given to the Governing bodies/ managements of these Societies to conduct elections of the Cooperatives institutions. Many Societies had even failed to hold elections for the last even 10 years, the Government had to intervene, he added.

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