Jammu, May 31 (PTI) The government has infused Rs 366 crore in three cooperative banks of Jammu and Kashmir for revamping their financial health.

Yasha Mudgal, secretary, J&K Cooperative Department, said the central government has recently released Rs 366 crore under recapitalisation package and this amount has been transferred to three cooperative banks, including Jammu Central Cooperative Bank, Anantnag Cooperative Bank and Baramulla Central Cooperative.

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According to Mudgal, the package was sanctioned in 2018 by the central government but the amount could not be released due to some technical issues.

The fresh capital will help the three banks in managing their affairs and attaining the required Capital to Risk Asset Ratio (CRAR), she said.

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These banks were de-licensed by the Reserve Bank of India because of poor liquidity position.

Mudgal said that revitalisation and rejuvenation of other cooperative banks will also be carried out in a phased manner. The cooperative department of the Union Territory has already submitted a requisition to the Centre seeking a package of Rs 238 crore for the purpose.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)