Jagan government fully supporting cooperative banks in AP

VIJAYAWADA: Agriculture minister Kakani Govardhan Reddy on Friday assured full support of Y.S. Jagan Mohan Reddy to the cooperative sector in AP, so that they adopt new technology, introduce innovations and run their cooperative banks in profits.

Inaugurating the two-day conference of DCC bank CEOs from all districts at the Central Cooperative Bank in Nellore, Govardhan Reddy maintained that Chief Minister Jagan Mohan Reddy has ensured that cooperative banks, which had been suffering losses, are now running in profits. For this purpose, the CM amended the cooperative acts and brought in banking and auditing experts into APCOB and DCCBs. Further, the process of granting loans to farmers has been made easy.

The minister pointed out that Kurnool and Kadapa cooperative banks, which had been suffering losses for many years under the past government's decisions, have turned profitable. Similarly, efforts are being made to bring around the Eluru Cooperative Bank.

Govardhan Reddy said the main objective of corporate banks is profitable business. However cooperative banks work for the benefit of farmers. In this direction, they provide agricultural and gold loans at low-interest rates. In addition, loans at low interest are also being extended to thrift societies of women.

The minister said Nellore Cooperative Bank has a great history. It is for this reason that Nellore has been chosen as the venue for the two-day conference for DDC bank CEOs. He pointed out that the business of Nellore Central Bank, which had previously been ₹400 crore, has increased four-fold to about ₹2,000 crore after Jagan’s government came to power.

APCOB chairperson Mallela Jhansirani disclosed that many reforms are being implemented in cooperative banks with new ideas and new technology. e-Office, e-stamping and online services are part of it. She pointed out that cooperative societies are also setting up petrol stations and godowns.

NDCC Bank chairman Kamireddy Satyanarayana asked authorities to pay special attention to bank digitisation so that crop loans can be granted to farmers within 24 hours. He underlined that with the cooperation of the bank's governing body, officers and staff, NDCC is doing a business of around ₹1,800 crore.