J&K Updates

A maiden meeting of Professional Board of Directors (PBOD) was held Monday at Anantnag Central Cooperative Bank (ACCB).

According to a statement, 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  BR Sobti and Co.,  MA Attar Ex-President J&K Bank and Muzafar Sultan CEO/MD of the bank as member Secretary attended the meeting.

The board took decisions which include, constitution of the audit committee to be headed by the deputy commissioner Anantnag, executive committee to be headed by the chairman, human resource committee to be headed by deputy commissioner, Anantnag, loan committee to be headed by MA 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 (RBI) 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.