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Andhra Pradesh
APCOB to the rescue of cooperatives
Staff Reporter
VISAKHAPATNAM: The AP Cooperative Bank has released Rs.39 crores as financial assistance to the district for revival and restructuring of cooperatives societies in the district.
Announcing this at a media conference here on Thursday, District Cooperative Central Bank Chairman Balireddi Satya Rao said that the district would get Rs.100 crores for the strengthening of the 111 cooperatives.
A Task Force Committee was formed under the chairmanship of Prof. A. Vaidyanathan by the Government of India in August 2004. It had recommended increase in the capital of the cooperative societies so that they could repay their dues to the district cooperative banks and thereby reduce their losses.
He said that the Vaidyanathan Committee had laid down certain norms for the sanctioning of financial assistance like reducing the control of the State Governments on the cooperatives.
DGMs N. Madhava Rao and V.V. Satyanarayana, were present.
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