Punjab co-op banks asked to improve fiscal management

Punjab government has directed all state cooperative banks to use IT and financial advancements in banking services and improve their fiscal management.
Addressing a seminar on 'Competitive Dynamism and Revitalisation of Cooperative Banks' here, Financial Commissioner (Cooperation) V K Singh said cooperative bank managers and administrators have to devise new parameters, competent work culture and financial ethics to compete with the private sector.
He added that performance of managers and employees with dismal business operations and high non-performing assets would be reflected in their annual confidential reports and non-performers will have to face the music.
He directed banks' management to make sincere efforts to achieve all the normative parameters, including maintenance of Capital to Risk Assets Ratio (CRAR) as stipulated by the RBI and NABARD, in order to maintain regular flow of credit and other financial services to farmers.

Singh also stressed upon the need for restructuring the Punjab State Cooperative Bank and district central cooperative banks to revitalise their operations.
Speaking on the occasion, Chairman Punjab State Farmers Commission Ajay Vir Jakhar stressed upon increasing the contribution of cooperative banks to the welfare of farmers in particular and rural public in general.
Advocating the merger of all state cooperative banks, he said the commission would endeavour for the improvement and progress of state farmers with all help to the banking and farming sectors.