After a gap of over 3 decades, any Cooperative bank has registered profit in Kashmir Valley

Kashmir News Trust #KNT

After a gap of over 3 decades any Cooperative Bank has registered profit in Kashmir Valley.

Official data reveals that Anantnag Central Cooperative Bank in South Kashmir has become the first bank to register a profit of Rs 70 lakh till 31st January 2023. This is for the first time in more than 33 years that a district cooperative central bank has registered profit.

Official data as per the news agency Kashmir News Trust reveals that the last time it was in 1989-90 when any such banks registered any profit that too to the tune of Rs 28,000 only.

The data further shows that currently, 54 branches have been running in profit after a gap of over 3 decades.

Meanwhile, Cooperative Department is all set to hold recovery camps in Jammu to recover Non-Performing Assets (NPAs) on account of Primary Agricultural Credit Societies (PACSs) during the month of March.

The Cooperative banks so far have recovered Rs. 44 crores of NPAs during the current financial year. [KNT]

Neyaz Elahi

Neyaz Elahi, who switched from Electronic to Print Media is a Kashmir based Accredited Journalist who has written extensively on Kashmir for local, national and international web portals. He is currently associated with Srinagar based News Agency Kashmir News Trust (KNT).

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