APCOB chairman Yedavalli Vijayender Reddy launched the modernisation work at Kadapa District Cooperative Bank head office and inaugurated two bank branches at R.K. Nagar and at NGO Colony on Thursday.

Speaking as chief guest during the 59th All-India Cooperative Week celebrations in Kadapa, Mr. Reddy recalled that the initiative of former Chief Minister Y.S. Rajasekhara Reddy in implementing the Vaidyanathan Committee and sanctioning funds led to revival of Kadapa District Cooperative Central Bank and primary agricultural cooperative societies, which were on the verge of closure.

Farmers benefited by waiver of loan arrears, interest rebate and grant of corpus fund of Rs. 500 crore to MARKFED and supply of fertilizer to farmers through them, Mr. Vijayender Reddy said. APCOB has been according priority to sanction of loans for tractors, dairy units, sheep-rearing, poultry and allied activities, he said.

The 94-year-old Kadapa DCCB would be modernised on par with the commercial banks and online banking, RTGS and NEFT facilities would be provided in Kadapa district by January 2013 in order to extend better service to farmers, the APCOB chairman said. APCOB has been utilising Rs. 70 crore from its annual profits to strengthen DCCBs and PACs.

Mr. Vijayender Reddy said two pay revisions and family pension facility were sanctioned in his tenure. The DCCB and PACs should work in tandem like two wheels of a vehicle to ensure development, he said. He wanted the DCCB officials and employees to keep their responsibilities in mind along with their rights.

Kadapa DCCB chairman K. Brahmananda Reddy said the bank serves farmers through 12 branches in the district. DCCB General Manager U. Sahadev Reddy assured to strengthen the cooperative bank and societies. District Cooperative Officer C.S. Chandrasekhar, Bank OSD B. Pome Naik, Cooperative Training Centre principal B. Gurrappa, NABARD AGM Krishnamurthy, retired DCCB general manager N. Veera Reddy and G. Nagaraju participated.

Bank union leader Pratap Reddy and staff felicitated the APCOB chairman.