Delegates Oppose Outsourced Recruitment at Kangra Cooperative Bank AGM
Over 152 delegates attending the 79th annual general meeting of Kangra Central Cooperative Bank Ltd at its headquarters in Dharamsala voiced strong opposition to the bank's practice of outsourced recruitment for vacant positions. The delegates argued that this system unfairly deprives secretaries working in cooperative societies of a fair chance at permanent employment with the bank after years of dedicated service.
Bank Management Agrees to Higher Interest Rates for Societies
During the meeting, delegates raised significant concerns regarding the interest rates offered on deposits to cooperative societies. In response, the bank management agreed in-principle to increase the interest rate by one per cent. Currently, societies are receiving an interest rate of only 0.80 per cent on their deposits, making this increase a substantial improvement for member organizations.
Multiple Key Issues Addressed During Annual Gathering
The annual general meeting addressed several critical matters affecting the bank's operations and stakeholder relationships:
- Outsourced Recruitment Concerns: The bank management acknowledged the delegates' opposition to outsourced hiring and confirmed that the matter has been taken up with the state government. Correspondence has been initiated to seek clarity on recruitment policies.
- Employee Pension Discussions: Delegates highlighted problems with the non-receipt of tax deducted at source (TDS) by societies. Management assured them that necessary processes have been completed to ensure timely TDS credit in the future.
- Board Election Demands: Delegates pressed for elections to the bank's Board of Directors, which have not been held since the board was dissolved last year. The management stated that the matter is under government consideration and elections would be conducted soon.
Financial Performance Shows Positive NPA Trends
On the financial front, the bank reported encouraging improvements in asset quality. The gross non-performing assets (NPAs), which stood at 19.51 per cent on March 31 last year, declined to 17.93 per cent as of February 28 this year. Similarly, net NPAs showed significant reduction from 5.62 per cent to 3.10 per cent during the same period, indicating strengthened financial health.
The annual meeting served as a crucial platform for stakeholders to voice concerns and seek resolutions on matters affecting cooperative banking operations in the Kangra region. The bank's willingness to address deposit rate concerns while managing recruitment and governance issues reflects the ongoing challenges in balancing operational efficiency with stakeholder expectations in India's cooperative banking sector.
