Manam Anjaneyulu stresses need for regaining past glory

The International Year of Cooperatives-2012 has come as an opportunity for some heads of cooperative banks and other organisations to come together to reorganise and rejuvenate the sector to protect the interests of the rural poor.

Heads of various cooperative banks and societies on Sunday sought people's support to save the cooperative sector. Leaders of the sector resolved to work together to make the network stronger.

Inaugurating the conference, president of the Andhra Pradesh Cooperative Urban Banks and Credit Societies' Association Manam Anjaneyulu stressed the need for regaining the past glory.

He said the ruling party and the bureaucrats, besides a handful of corrupt individuals, had destroyed the spirit of the cooperative sector in the country.

People such as Harshad Mehta and Khetan Parekh had exploited the cooperative banks, he said, and added that the government had failed to initiate action against them to prevent recurrence of such incidents.

He blamed the governing bodies of some banks, which were looted by members, and said that corrupt members, staff, and governing bodies had made people lose their faith in the sector. Mr. Anjaneyulu wanted the banks to be answerable to people who invest their savings and help the banks grow.


Chairman of the Krishna district Cooperative Central Bank Vasantha Nageswara Rao, who was also former chairman of Andhra Pradesh Cooperative Central Bank (APCOB), called upon members, staff, and governing bodies to work together for the growth of the cooperative sector. He said cooperative banks were able to withstand the global crisis because of people's patronage.  

Chairman of Gandhi Cooperative Urban Bank Vemuri Basava Kutumba Rao, in his presidential address, wanted the government to give freedom to the sector for its growth. Chairman of Swasakthi Mercantile Cooperative Urban Bank G.V. Rama Rao said the cooperative sector belonged to people and members should give priority to people for the survival of the sector.

Chairman of Krishna District Milk Producers' Mutually Aided Cooperative Society Mandava Janaki Ramaiah, former presidents of Cooperative Agriculture Development Bank — Vasireddy Sambasiva Rao and Gudapati Venkateswara Rao, a number of representatives from Primary Agriculture Cooperative Societies, Mutually Aided Cooperative Societies, and other cooperative bodies spoke.

  • Ruling party, bureaucrats, and corrupt individuals have destroyed the spirit of the sector, he says

  • He asks cooperative banks to be answerable to people who invest their savings