APCOB’s Growth Journey Began Four Years Ago: CM YS Jagan

 - Sakshi Post

Vijayawada: Chief Minister YS Jagan Mohan Reddy asserted that the growth journey of cooperative banking system in the State began four years ago after the Government implemented the recommendations of NABARD Consultancy Services (NABCONS).

In his address at the Diamond Jubilee celebrations here on Friday, the Chief Minister said that the APCOB, which has seen several ups and down in its 60-year history, has now grown to the stage of handholding the farmers and contributing to their economic prosperity and strengthening the rural economy.

Following the NABCONS recommendations, Government amended the 1964 Act to strengthen the cooperative banking governance and appointed professionals to run the APCOB and DCCBs through a uniform selection process besides funneling Rs 295 crores as share capital for DCCBs, he said.

In the occasion, 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.55.93 crore. 
“For the first time APCOB is giving dividend to the Government and I am happy to receive it and it remains a special day the State's cooperative history,” he said.

Terming the celebrations as Shastipurti, he said his father and former Chief Minister Dr. YS Rajasekhara Reddy played key role in strengthening the cooperative credit system by  putting in Rs.1850 crore into the bank and paying Rs.217 crore share capital to DCCBs in 2008 following the recommendations of Vaidyanatham Committee recommendations.

Despite the financial support extended to the cooperative baking system, APCOB faced hurdles but it has come back to the path of growth after YSRCP came to power as the efficiency and transparency improved sharply.

The commercial banks have also contributed to the growth of agriculture and prosperity of the farmers by liberally granting loans. The Government has gone one step ahead by introducing reforms and involving the cooperative banks in the growth process.
In the last four years, the net worth of the DCCBs and APCOB has gone up to Rs. 1,005,89 crore and Rs.36,700 crore from Rs.53,249 crore and Rs.13,700 crore respectively in 2019 due to digitalization and professional administration.

With the Government allotting Rs.25 crore for digitalization and computerization of the cooperative banking system, APCOB and DCCBs will move much closer to the farmers and self help groups in villages and there will be more revolutionary changes in the days to come, he said.
Except for Eluru, all other DCCBs are now running with profits, he said, adding it is a matter of pleasure that Kurnool and Kadapa DCCBs have made profits after 36 and 28 years respectively.   

After the Government has introduced farm mechanization with the support of RBKs, APCOB has so far granted Rs.500 crore loans. For the first time in the country all PACs (Primary Agricultural Cooperative Societies), DCCBs, APCOB are being linked to RBKs to extend more efficient and transparent credit services to the farmers and women’s self-help groups.

At village level, farmers and self help groups are being benefited under Cheyuta, Aasara and zero interest schemes and once the linking of PACs and cooperative banks with the RBKs is completed, the rural economy will get a boost resulting in more prosperity for the farming community and women’s groups, he said.

Village economy will witness more changes in future with more agricultural inputs being made available at the RBKs.  
The Chief Minister gave away awards to the CEOs and other officials of Krishna, Srikakulam, Nellore and Kurnool DCCBs for showing exemplary performance.

Also Read: CM YS Jagan to Visit Rain-affected Districts from Aug 7

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