Governor E.S.L. Narasimhan on Friday agreed to issue a letter of recommendation to NABARD ( National Bank for Agriculture and Rural Development) and the Reserve Bank of India to provide uninterrupted re-finance support to APCOB (AP Cooperative Bank Ltd) during the interregnum period of the State’s bifurcation process.
According to an official release here, the Governor directed Principal Secretary (Agriculture and Cooperation) D. Srinivasulu to send the proposals along with the resolution of the APCOB management board to that effect. Earlier, Mr. Srinivasulu made a presentation of the reconstitution/reorganisation of APCOB to the Governor. He said APCOB was not included either in the IX Schedule or the X Schedule of the AP Reorganisation Act, 2014. The managing body, however, resolved at its meeting on April 26, to divide the bank into –Telangana State Co-op Bank, covering 10 revenue districts of Telangana and the others for residual Andhra Pradesh. The new banks will start functioning from Gandhi Jayanti this year.