Preparations have started for the merger of Jammu and Kashmir’s cooperative banks. At present, almost all the nine cooperative banks in the state are running in losses. The process of consolidation of these banks has been expedited by the Reserve Bank of India (RBI) under the new guidelines to merge all the district cooperative banks to form a state-level cooperative bank. Regarding this merger of banks, the Registrar of the Co-operative Department has directed the management of all the banks to convene a meeting of their shareholders and take their consent so that this process can be finalized.
According to the instructions, the Managing Director of the Jammu and Kashmir State Co-operative Agriculture and Rural Development (SCARD) Bank, Limited, has called a meeting of the shareholders of the Bank on December 17. The main agenda of the conference is to get a consensus on the merger of cooperative banks. On the guidelines of RBI, the consent of the shareholders will be taken by convening such meetings on behalf of all the cooperative banks of the state in the coming days, for which the Registrar Co-Operative Societies had issued necessary instructions on November 10, 2021.
Regarding the merger of cooperative banks, the government has constituted a seven-member committee, which will study the status of these banks, human resources, capital, and liabilities and submit its report to the government on their merger. The Registrar Co-Operative Society is the chairman of this committee, while the Special Secretary, Department of Justice and Parliamentary Affairs, the Special Secretary of the Department of Justice and Parliamentary Affairs, the Joint Registrar of Co-operative Societies Kashmir and Jammu, the representative of Reserve Bank of India and NABARD have been made members.
These banks are to be merged:
1-Jammu-Kashmir State Co-operative Agriculture and Rural Development (SCARD) Bank Ltd.
2-Jammu & Kashmir State Co-Operative Bank
&-District Central Co-Operative Bank, Anantnag
4-District Central Co-Operative Bank, Baramulla
5-Urban Co-Operative Bank, Anantnag
6-Sopore Mercantile Co-Operative Bank
7-Jammu Central Co-Operative Bank
8-Citizen Co-Operative Bank
9-Devika Urban Co-Operative Bank, Udhampur
All the nine cooperative banks of Jammu and Kashmir account holders do not need to panic. The money of all account holders in these banks will be safe. Only the name of their Bank will change, and after the merger, a State Level Co-Operative Bank will be formed in J&K.
India reports over 2.86 lakh new cases with positivity rate at 19.59%; 573 deaths
India recorded 2,86,384 new cases of the novel coronavirus and 573 deaths due to the infection in the past 24 hours. According to the data shared by the Union Health Ministry on Thursday (January 27), the country saw 3,06,357 discharges in the last 24 hours, taking the total recovery rate at around 93.23 per cent total recoveries data reached 3,76,77,328.
The total active cases of COVID-19 in India have risen to 22,02,472 (5.46 per cent), the ministry data showed today.
The total death toll in the country is now at 4,91,700. The first death due to the COVID pandemic in India was reported in March 2020.
The daily positivity rate is at 19.59 per cent today.
According to the Indian Council of Medical Research (ICMR), 72,21,66,248 samples have been tested up to January 25 for COVID-19. Of these, 14,62,261 samples were tested on Wednesday.
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Meanwhile, Delhi Deputy CM Manish Sisodia on Wednesday sounded positive about the reopening of schools in the capital. He said that ‘excessive caution can harm children, which is why reopening schools is necessary to prevent further damage to the socio-emotional well being of students.
The Delhi Disaster Management Authority (DDMA) has called a meeting on Thursday to deliberate on easing the curbs in the national capital because of the improved situation of COVID-19. The issue of reopening schools is also on the agenda.
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