Co-operative banking back on growth path in AP, says CM Jagan Reddy

The co-operative Banking sector in Andhra Pradesh is back on the growth path after four years, according to Chief Minister Y.S. Jagan Mohan Reddy.

In his address at the Diamond Jubilee celebrations of APCOB held in Amaravati, the Chief Minister said growth was driven by the implementation of the recommendations of Nabard Consultancy Services (Nabcons) by the state government.

Following the Nabcons’ recommendations, the government amended the 1964 Act to strengthen cooperative banking governance and appointed professionals to run the APCOB and DCCBs through a uniform selection process, besides funneling ₹295 crore as share capital for DCCBs.

“Except for Eluru, all other DCCBs are now running with profits, while Kurnool and Kadapa DCCBs made profits after 36 and 28 years, respectively,” Reddy said.

APCOB, which witnessed several ups and downs in its 60-year history, had now grown and was hand-holding the farmers, contributing to their economic prosperity and strengthening the rural economy, he added.

“For the first time, APCOB is giving dividends to the Government,” the Chief Minister said.

The Chief Minister unveiled APCOB’s new logo and the APCOB Brand Identity Guidelines (BIG) book. The bank presented him a dividend cheque of Rs. 56 crore , according to a release.