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CCBL Jammu registers profit for year 2020-21: Arun Manhas

Citizens’ Cooperative Bank-The Dispatch

JAMMU: After 3  years  of consistent loss, the Citizens’ Cooperative Bank Ltd. Jammu  has registered profit  for the year 2020-21 by way of effecting  recoveries  and reducing  ever mounting   NPAs.

Combating the odds and pressures of  ongoing scenario,  the Citizens’ Cooperative Bank Ltd. Jammu, while putting in  strenuous efforts  to improve  its  financial condition has been able to  attain  the stage of having  booked operating profit  of Rs.2.86 lakh  in the  financial year 2020-21 as  compared to operating loss of  Rs.108.56 lakh in the  immediate  preceding year 2019-20

By launching various drives for maximizing recoveries, the Recovery Teams were constituted and weekly progress was monitored by the Board of Administrators of the bank under the Chairmanship of Dr. Arun Manhas, alongwith Board members C.A Rajat Mengi, Senior Advocate Deepika Mahajan and Assistant Vice -President of J&K Bank Ltd,  Rajnish Mahajan.

The bank, under the management of Board of Administrators, initiated action against the defaulters under provisions of SARFAESI Act 2002 and were able to cause the recoveries of Rs.685.81 lakh in NPA accounts during the financial year 2020-21 out of which recovery of Rs.273.26 lakh was made in the month of March 2021 itself.

Inspite of COVID-19 restrictions, the bank has improved its financial health and registered operating profit for the year 2020-21. However the bank is still grappling   with the issue of higher NPAs.

Taking further steps to improve the financials of the bank and to comply with RBI guidelines, the present management also initiated various steps to improve the financials of the bank for sustaining and registering further improvement in all the segments.  It is worthwhile  to mention here that in the previous tenure of  Dr.Arun Manhas  as Chairman of CCBL, the Bank in the year 2016-17 registered  profits and now again  the bank has again  registered  profits after three years  on assuming by  him as  Chairman  of  the Board  of  Administrators   appointed  by  the  Registrar Cooperative  Societies, J&K.

CCBL  has succeeded in  making profits as the outcome of endeavours of Bank’s Board of Administrators  by having  constituted  special recovery teams,  keeping  case to case  regular monitoring  to arrest/ stop  the  slippage of  bank’s loans  to NPAs and  their specific focus on recovery portfolio which  apart from others also included the requisite decision making for settlement of chronic default loans and causing recovery by disposing/ auctioning of seized properties  of the defaulters  under SARFAESI Act including auction of  Cars/Vehicles   etc. seized by Bank to recover the default amount.

The present  management of the Board of Administrators headed by Dr. Arun Manhas complemented  the  CCBL team of  senior officers and its staff for  bringing  the  improvement  in the financials of  the Bank and  motivated them  to  continue with  same zeal and hard work.

 

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