Governor okays changes to Cooperative Societies Act

The State Administrative Council (SAC) has approved amendments to the Jammu and Kashmir Cooperative Societies Act, 1989. The Bill seeks to replace the J&K Cooperative Societies (Amendment) Ordinance, 2018, promulgated by the Governor on June 14 this year. The amendments will enable the government to constitute a board of management or administrator for a period of two years to manage the affairs of Cooperative Banks instead of six months as contained in the earlier legislation. The amendment will also help to implement the various revival packages of Central and the state governments for these banks. It will also enable the government to constitute professional boards for three District Central Cooperative Banks (DCCBs) at Jammu, Baramulla and Anantnag for management of their affairs. It will also allow them to judiciously use recapitalisation amount of Rs 366.71 crore for attaining and maintaining a capital to risk assets ratio of 9 per cent.