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 said 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.