Cooperative banking sector being overhauled, says minister

Agriculture Minister K. Kanna Babu said the cooperative banking sector is being overhauled under the leadership of Chief Minister YS Jagan Mohan Reddy and with the help of NABARD.

Addressing a review meeting on DCCBs, Mr. Kanna Babu said that cooperative banks should revamp their existing policies in line with current times. Banks should adapt modern banking methods to reach customers and offer them better services.

“The Chief Minister announced a share capital of ₹195 crore at nine DCCB and ₹100 crore at APCOB. We thank NABARD for providing a share capital of ₹295 crore as a loan,’ said Mr. Kanna Babu.

NABARD Chairman Chintala Govindarajulu said DCCBs in the state had performed better than in many states.

“In the future, we will set up cooperative training institutions. The only way to improve primary agricultural cooperative societies is to introduce a greater degree of transparency and accountability. We should focus on extending credit to sharecroppers through joint liability groups and to women through self-help groups. The computerization of the PACS must be taken on a war footing,” said Mr. Govindarajulu.

Guntur DCCB Chairman Rathamsetty Seetharamanjaneyulu (Lalpuram Ramu) said the DCCB has made rapid progress over the past two years. Business had risen to ₹2,570 crore this year from ₹866.59 crore in 2019. The chairman of NABARD granted ₹400 crore to SHG women and farmers as a loan this year.

Principal Secretary Madhusudan Reddy, APCOB President Mallela Jhansi Rani and APCOB Director General Srinath Reddy were present.

Virginia S. Braud