AP Govt taking steps to strengthen Co-operation sector

Rajamahendravaram: Minister for Co-operation Ch Adinarayana Reddy has said that the state government is taking steps to strengthen co-operative sector in the state. 

Participating in the centenary celebrations of The Aryapuram Co-operative Urban Bank Limited held at Sri Venkateswara Anam Kala Kendram here on Sunday, the minister said the government extends its support for the smooth running of co-operative urban banks in AP. 

He advised the bank management to sanction loans to petty vendors also under Mudra scheme as the bank is working as per the guidelines of RBI and also asked them to  sanction loans on house site pattas.

Existence of 100 years of Aryapuram Co-operative Urban bank is an example for the commitment and honesty of the bank management, he said and congratulated them for their endeavour.

He said the bank is having a business turnover of Rs 1,000 crore;  deposits are Rs 600 crore and loans Rs 400 crore. For the last five years, the bank has been progressing successfully, when compared to the earlier 95 years of progress, he said and  assured to provide land for construction of bank branches.  

The bank is having 90,000 shareholders,2.50 lakh members, six ATMs and 16 branches in other parts of the state. The minister asked bank chairman Challa Shankar Rao to open branches in his constituency Jammalamadugu in Kadapa district.  

Rural MLA Gorantla Buchaiah Choudary said persons with clean image and who do not depend on banks should be elected as directors without linking with politics. He asked chairman Challa Shankar Rao to give protection to the deposits of customers.   

MLC Adireddy Appa Rao, GUDA chairman Ganni Krishna and mayor PRS Sai underlined the need for co-ordination between bank management, officials and customers, and congratulated bank management for organising centenary celebrations.  

Bank chairman Challa Shankar Rao said plans are afoot to open bank branches across the state and RBI has given A grade to the bank.  Deputy mayor V Rambabu, YSRCP leader JV Lakshmi, bank directors, Manam Anjaneyulu and several others were present.