The function of apex body of cooperative banks NAFSCOB held last week in Srinagar proved eventful with the Chief Minister Mufti Muhammad Sayeed underscoring that rural economies could be revived only with the help of cooperatives.
Mufti said the institutional finance to the people from Cooperative Banks can play a vital role. “I have asked my Finance Minister to amalgamate all Cooperative Banks in the State under one roof so that it becomes a potent institution of rural financing,” reports Greater Kashmir.
Minister for Finance, in his address, announced the Government’s decision to recapitalize all the Cooperative institutions in the State. “I advise the Cooperative banks to concentrate on their area of expertise, he added.
The Finance Minister also said he will examine the possibility of leaving certain core sectors of rural financing with the Cooperative Banks so that they are able to focus on their domain expertise.
Minister for Cooperatives, Chering Dorjey, said the proposed capital infusion of Rs. 278 crore will prove to be an elixir for Cooperative banks in the State, enabling these to regain vibrancy and work with renewed zeal and commitment.
Several cooperative leaders such as Bhima Subramaniyam, Sunil Singh , Bhairon Singh and others had gone to participate in the high-profile meet.