JCCB achieves new milestones in its working: Bank Management

 JAMMU, October 09: The Jammu Central Cooperative Bank Limited today highlighted its achievements and resolution of HR issues including 6th Pay commission under the stewardship of Yasha Mudgal, Commissioner /Secretary Cooperative Department and Chairperson JCCB, with assistance of Team Leader CEO & Managing Director of the Bank.

The Bank Management was addressing a press conference, here today.

To substantiate its claim of transformation in the functioning of JCCB since the taking over of Yasha Mudgal Commissioner/ Secretary of Cooperative Department/Chairperson JCCB, the JCCB management highlighted that the Bank had issued Rs. 26.60 crore Loans till March 2021 which rose to a whopping Rs. 81.28 crore in March 2023 and has touched a whopping Rs 82.40 crore in the first 6 months of the current Financial Year 2023-2024.

In the last two years, the Investment figures have also increased handsomely from Rs. 856.20 crore in March 2021 to Rs. 1015.61 crore in September 2023, the Management said.

The recovery of Non-Performing Assets (NPAs) has been exceptional under the leadership of Mrs. Yasha Mudgal. The NPAs slashed from Rs. 110.00 Crore (37%) in March 2021 to Rs. 81.00 Crore (29%) in March 2023 and to Rs. 72.00 Crore  in September 2023.

Pertinently, the amount recovered from the NPA has been kept for making the bank CBS compliant which is one of the prerequisites for RBI license.

The Bank has achieved the recovery of Rs 3.00 crore from the defaulted Primary Agriculture Societies with the help of Cooperative Department Officers (DRs and ARs) under the guidance of Commissioner /Secretary to Government Cooperative Department, J&K.

The Bank’s net profit has also shown upward trends as it was making a loss of Rs 12.40 crore till March 2021.  However, at the end of FY 2022-23, the bank registered a profit of Rs. 0.28 crore after a gap of 3 decades.

The management highlighted that to revamp the financial health of the District Central Cooperative Banks (DCCBs) of the Union Territory, the J&K Government with the intervention of Commissioner / Secretary  to the Cooperatives Department has released a sum of Rs 366.00 crore in the year 2022  through re-capitalization package which was pending since 2014.

Out of the said amount, Rs. 180.00 Crore was released in favour of JCCB owing to which the CRAR of the Bank has improved from –76.00 to –14.00.

The management further highlighted that due to the best efforts of the Commissioner /Secretary/ Chairperson JCCB and CEO & Managing Director, the Bank has taken a major technological transformation i.e. it has started Core Banking Solution Transformation Project, migrating from legacy Banking to Digital Banking Transformation. The work has been undertaken by C-edge Technology which is a joint venture between TCS and State Bank of India. The CBS Project is likely to be commissioned during the current financial year.

The functionaries highlighted that all the issues related to Human Resources which were pending since long have been resolved by the Chairperson which includes appointment under Compassionate Grounds , enhancement of retirement cum death Gratuity from    Rs. 10.00 lakh to Rs. 20.00 lakh with retro respective effect, Restructuring of Salary Structure, release of pending Increments / Dearness Allowance and enhancement of limit of confessional loans to address the changing needs of employees of the Bank.

The Press Conference was attended by Reeta Sharma (DEM), Sonal Bakshi (AEM), Ravi Bajaj (AEM), Rajiv Gupta, Chief Manager (Technical Officer to CEO & MD), Sunil Sehgal, Chief Manager (BDD), Rakesh Jagotra, Chief Manager (Law), Hardeep Singh, Manager (HRD), Sandeep Raina (Principal Officer) and other officers of the Bank. They all appreciated the role of the Commissioner /Secretary Cooperatives, Yasha Mudgal for providing the necessary leadership giving a boost to the Bank. The employees also assured the Chairperson that the directions so issued to the employees from time to time will be met with all sincerity and the targets of the branches so allocated will be achieved month wise in all the fields.