Hyderabad

‘Public sector and cooperative banks empowering vulnerable sections’

Lok Sabha Speaker Om Birla with Union Minister G. Kishan Reddy, Himachal Pradesh Governor Bandaru Dattatreya and chairman of Mahesh Bank Purshotamdas Mandhana at the inauguration of Mahesh Cooperative Urban Bank’s Corporate Office at Banjara Hills on Wednesday.

Lok Sabha Speaker Om Birla with Union Minister G. Kishan Reddy, Himachal Pradesh Governor Bandaru Dattatreya and chairman of Mahesh Bank Purshotamdas Mandhana at the inauguration of Mahesh Cooperative Urban Bank’s Corporate Office at Banjara Hills on Wednesday.  

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Lok Sabha Speaker Om Birla lauds their role in nation’s progress

Lok Sabha Speaker Om Birla lauded the role of public sector and cooperative banks in extending loans to common people for their economic empowerment and also for their role in nation’s progress.

He was the chief guest at the inauguration of state-of-the-art Mahesh Cooperative Urban Bank’s Corporate Office at Banjara Hills here on Wednesday.

He congratulated the bank management and its board of directors for the bank’s impressive growth story. The bank, with a turnover of ₹4,000 crore, has zero non-performing assets. It spoke of the character and sincerity of the board of directors, he said.

Lauding the efforts of the Union Government in providing zero interest loans to farmers, women’s groups and small and petty traders, Mr. Om Birla said not long ago, farmers and other vulnerable sections of the society were compelled to borrow money from private money lenders at exorbitant interest rates. Thanks to the public sector and cooperative banks, people even in remote villagers were able to access credit and eke out a living through self-employment or micro or small enterprises. Union Minister of State for Home Affairs G. Kishan Reddy congratulated the Mahesh Bank for its success and said the Indian Government initiated several measures to counter the economic slowdown witnessed across the world. He said Prime Minister was able to make India the investment destination for the world because of the investment-friendly climate in the country.

Himachal Pradesh Governor Bandaru Dattatreya, Telangana Ministers Mohd Mahmood Ali and S. Niranjan Reddy, RBI Regional Director, A.P. and Telangana, Subrata Das, also spoke on the occasion.

Earlier, Purshotamdas Mandhana, chairman of Mahesh Bank, said the Hyderabad-based leading cooperative bank in the country was set to cross ₹4,300 crore mark in the current financial year. It initiated customer-centric banking reforms, digitisation and several proactive endeavours, he said.

The bank has operations in four States with 45 branches, 38 in Telangana and four in A.P. It would foray into Gujarat soon.

Mr. Subrata Das said Mahesh Bank accounted for 30% of business done by the urban cooperative banks in Telangana. He said along with the growth, the responsibility of the bank would increase and it should continue to grow strong.

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Printable version | Dec 12, 2019 2:46:52 PM | https://www.thehindu.com/news/cities/Hyderabad/public-sector-and-cooperative-banks-empowering-vulnerable-sections/article29783073.ece

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