Jammu and Kashmir Cooperative Bank earned a record net profit of Rs 3.86 crore in the last financial year. In the previous year,it had a profit of Rs 3.82 crore. The bank deposits also reached an all-time high at Rs 417.25 crore,while the recovery percentage increased to 57 per cent as against 50 per cent the previous year. The total turnover of the bank stood at Rs 505 crore. All this was stated at a meeting of the Board of Management chaired by the Cooperative Minister Manohar Lal Sharma. The board decided that periodic audits should be conducted to avoid any financial irregularities and streamlining the functioning of the bank. The minister asked the bank authorities to explore the possibilities for expansion. It was decided at the meeting that authority to sanction loans from Rs 13 to 25 lakh should be vested with the loan committee and for loans above Rs 25 lakh the board should make a decision. Also,bank managers would be empowered to sanction loans up to Rs 3 lakh,subject to the performance of the branch.
