ANDHRA PRADESH

Karimnagar DCCB bags RBI licence

Staff Reportet

65 years after inception, it can now perform on a par with commercial banks



The bank has surpassed the crop loan target of Rs 185 crore during the two crop seasons

Extended gold loans worth Rs 30 crore and SHG loans worth Rs 40 crore



KARIMNAGAR: The Karimnagar District Cooperative Central Bank (DCCB) has been awarded the regular banking licence by the Reserve Bank of India (RBI). The bank was awarded the licence 65 years after its inception, enabling it to do any kind of banking on a par with other commercial banks.

Disclosing this to newsmen here on Wednesday, KDCCB chairman K Ravinder Rao said that the bank was the first in the State to secure the regular banking licence from RBI and had now come under the purview of regulatory authority of RBI, like any other bank. Motivated by the RBI licence, the DCCB has decided to open four more branches during this year and extend their services in areas which were not covered so far, he added.

Giving details about the bank's performance, he said that they could provide crop loans of Rs 180 crore in khariff season and Rs 65 crore in rabi season and surpassed the target of Rs 185 crore during the two crop seasons. He also said that they had extended financial assistance of Rs 7.5 crore to the minor irrigation sector in view of prevailing drought conditions. He also said that they had extended the ‘pavalavaddi' scheme to prompt payers and reimbursed Rs 52 lakhs.

Turnover

Mr Ravinder Rao said that the DCCB had reached a turnover of Rs 500 crore during the last financial year with the advances and loaning. He also said that they were projecting a profit of approximately Rs 10 crore during the last financial year. He said that they had extended gold loans worth Rs 30 crore and women SHG loans to the tune of Rs 40 crore.

He said that they were contemplating to extend educational loans to farmers' children from this financial year. The DCCB, with 29 branches and 127 primary agricultural cooperative societies (PACS), is computerising all its branches and converting PACS into regular branches to serve better.

Village malls

He said that they were planning to convert PACS into village malls and sell essential commodities to farmers at nominal rates as compared to open market.

He said that they had already opened around 20 village malls and to serve the farmers.