Nellore: Measures are being initiated to strengthen 81 primary agriculture cooperative societies in the district and to conduct a mega mela in May and sanction 3,500 tractors to the farmers.
Agriculture Minister Kakani Govardhan Reddy disclosed this while addressing a gathering at District Cooperative Central Bank after formally launching the Core Banking System in the bank on Monday.
Reminding that the cooperative banks are for the welfare of the farmers, he said this is one of the reasons for Chief Minister Jagan Mohan Reddy suggested to extend full support to the cooperative sector.
Referring to the losses suffered by the banks between 2014 and 2019, the Minister said the share capital of Nellore DCCB has increased from Rs 79 crore to Rs 148 crore and the deposits also went up from Rs 260 crore to Rs 396 crore now.
He said the computerisation process would be a boon to the cooperative banks to improve transactions and compete with commercial and nationalised banks.
DCCB Chairman K. Satyanarayana Reddy explained about activities of the bank in brief. MLC Vakati Narayana Reddy, DGM of Nabard Ravi Singh, DCO Tirupal Reddy, Cooperative Bank CEO Sankar Babu, and others were present.
