Chief Minister Y.S. Jagan Mohan Reddy on Thursday emphasised protecting cooperative banks as they belong to the State and promised to provide loans at the lowest interest rates to benefit a large number of people.
During a review meeting on the cooperative banks, Mr. Jagan Mohan Reddy directed the officials to strengthen them and offer loans at lowest interest rates possible.
He also discussed strengthening DCCBs, societies, computerisation, transparency policies, and integrating with RBKs.
The Chief Minister stated that DCCBs and societies should be strengthened in such a way to withstand the competition in the banking sector. He directed the authorities to follow proper SOPs and focus on bringing profits to DCCBs as many farmers in rural areas rely on them.
Mr. Jagan Mohan Reddy said that cooperative banks should also take advantage of opportunities like providing gold loans, which are secured.
He said revolutionary changes had been brought in the agriculture sector through the RBK initiative and said that District Central Cooperative Banks need to be strengthened as they play a vital role in agriculture and allied sectors.
He instructed officials to ensure complete transparency in providing loans leaving no place for politics or corruption and stressed that cooperative banks should take steps to instil confidence in their customers.
PACS to bank on RBKs
The Chief Minister also emphasised that banking activities of the Primary Agricultural Cooperative Credit Societies (PACS) should be carried out through RBKs. He told the officials to link PACS to RBKS. He told them to chart a policy by taking suggestions from banking experts.
He said that DCCBs and PACS could make use of the kiosks in RBKs for banking activities, where farmers could even upload documents. The Chief Minister also directed the authorities to take appropriate action on the complaints and suggestions received from farmers during the agriculture advisory council meetings.
Agriculture Minister Kurasala Kannababu, AP Agriculture Mission Vice-Chairman M.V.S. Nagireddy, Chief Secretary Sameer Sharma, Agriculture Special Chief Secretary Poonam Malakondaiah, Principal Secretary for Marketing Y. Madhusudhan Reddy and other senior officials were present at the review meeting.
