Uttar Pradesh Cooperation Minister JPS Rathore said that efforts are being made to help district cooperative banks come out of the red and expressed satisfaction that for 15 years, UP Gram Vikas Bank has been running in losses but this time it has earned a handsome profit of Rs 98 crore. Besides, the business of UP State Co-op Bank increased to more than Rs 22000 crore.
“A few years ago, the license of 16 co-operative banks was about to be cancelled. But now 11 of them are not only able to restore themselves but also came out of the red”, he stated
At present, five DCCBs are in loss, efforts are being made to bring them out of the red”, said Rathore on the sidelines of inaugurating the data center of UP State Co-op Bank.
The UP State Cooperative Bank has set up a new data centre linking Primary Agricultural Cooperative Societies (PACS) across the state with District Cooperative Banks (DCBs) and the UP Cooperative Bank itself. It is being claimed the data center will enable the bank to keep track of the real time data about financial performance of the DCBs and PACS.
Rathore also called for the establishment of at least one cooperative society at every village of the state.