Cooperative sector in J&K undergoing transformation: Chief Secy

Chief Secretary Atal Dulloo on Wednesday chaired a high-level meeting to review the performance of the Cooperative Department and assess the progress achieved in promoting cooperative activities and financial reforms across J&K.

The meeting was attended by Principal Secretary, Finance; Commissioner Secretary, Cooperatives; Regional Director, RBI; Managing Director, J&K Bank; Director General, Budget; Registrar, Cooperative Societies; representatives from NABARD and other banks, besides senior officers of the department.

At the outset, the Chief Secretary emphasised the vital role of cooperative institutions in rural development and directed for transforming Cooperative Societies into Common Service Centres (CSCs) to widen their service base. He called for modelling these societies on sound business lines, enabling them to diversify into various rural business activities such as the sale of seeds, seedlings, cattle and poultry feed and fisheries supplies.

He further directed the department to explore collaboration with the Ayush Department for vending popular wellness products and securing vending machines for installation at high-footfall locations. He stressed on enhancing credit linkage for cooperative entities and strengthening their financial base through sustainable business operations.

While reviewing the financial status of cooperative banks and the performance of Super Bazars, the Chief Secretary asked J&K Bank to extend advisory support in matters related to Non-Performing Assets (NPAs) and other financial issues to help Cooperative Banks address them in legally sound and professionally managed ways.

He also instructed the department to constitute a panel of retired bankers of high integrity, in consultation with RBI, to assist in the appointment of Managing Directors and professional management bodies, aimed at placing Cooperative Banks on modern, transparent and performance-driven lines.

Commissioner Secretary, Cooperatives, Babila Rakwal, informed that the UT’s cooperative sector is witnessing a major transformation with the adoption of the Multi-Purpose Primary Agricultural Credit Societies (M-PACS) model and a range of reforms for growth and financial stability. She apprised that all 537 PACS have adopted common byelaws to function as M-PACS, allowing diversification into allied sectors such as dairy, fisheries, and horticulture.

The computerisation of PACS is also progressing rapidly, she added, with all 537 PACS having completed their Dynamic Day-End process, thus functioning as e-PACS. Each PACS is availing a 40-year term loan facility of Rs 63,000 for hardware and software upgrades under the digital transformation initiative.

Highlighting the integration of cooperatives with citizen services, it was revealed that 515 PACS are functioning as Common Service Centres (CSCs), generating a monthly transaction value of Rs 3.10 lakh, while 154 PACS have been upgraded as Pradhan Mantri Kisan Samman Nidhi Kendras (PMKSKs) to facilitate agricultural services.

It was stated that under the White Revolution 2.0, the cooperative sector has achieved expansion, forming 2,232 Dairy Cooperative Societies (DCSs) benefiting over 1.06 lakh women members.