CCBL Jammu records profits for the year 2020-21: Arun Manhas
JAMMU, APRIL 06: After 3 years of constant losses, the Citizens’ Cooperative Bank Ltd. Jammu recorded profits for the year 2020-21 by making recoveries and reducing the ever-increasing APNs.
Fighting the odds and pressures of the current scenario, Citizens’ Cooperative Bank Ltd. Jammu, while making strenuous efforts to improve its financial situation, was able to reach the stage of having recorded operating profit of Rs. 2.86 lakh in fiscal year 2020-21 compared to the loss of ‘operating of Rs.108.56 lakh in the immediate previous year 2019-20
Running various campaigns to maximize recoveries, recovery teams were formed and weekly progress monitored by the bank’s board of directors under the chairmanship of Dr Arun Manhas, along with board members CA Rajat Mengi, Senior Lawyer Deepika Mahajan and Assistant Vice President – Chairman of J&K Bank Ltd, Rajnish Mahajan.
The bank, under the direction of the board of directors, brought an action against the defaulters under the provisions of the SARFAESI law of 2002 and was able to cause the recovery of Rs. 685.81 lakh in the NPA accounts during the financial year. 2020-21, of which the recovery of Rs. 0.273.26 lakh was made in March 2021 itself.
Despite the restrictions related to COVID-19, the bank has improved its financial health and recorded an operating profit for the year 2020-2021. However, the bank is still grappling with the issue of higher NPAs.
Taking further steps to improve the finances of the bank and comply with RBI guidelines, the current management has also initiated various measures to improve the finances of the bank to support and record further improvements in all segments. It is worth mentioning here that during the previous tenure of Dr. Arun Manhas as chairman of CCBL, the Bank recorded profit in 2016-17 and now the bank has again recorded profit after three years. after having been assumed by him as chairman of the board of directors appointed by the registrar of cooperative societies, J&K.
CCBL has been successful in making profits through the efforts of the Bank’s Board of Directors by setting up special collections teams, providing regular monitoring on a case-by-case basis to stop / halt the slippage of bank lending to NPAs and focusing specifically on the collection portfolio which apart from others also included the decision making required for the settlement of chronic defaulted loans and reinstatement by disposing / auctioning off foreclosed properties from defaulters under the law SARFAESI, including car / vehicle auction etc. seized by the Bank to recover the amount in default.
The current leadership of the Board of Directors led by Dr Arun Manhas complemented the CCBL senior management team and its staff to bring about the improvement of the finances of the Bank and motivated them to continue with the same zeal and the same hard work.