VIJAYAWADA: Stressing the need for protecting and strengthening the cooperative banking system, Chief Minister YS Jagan Mohan Reddy on Thursday directed officials concerned to initiate measures for strengthening District Central Cooperative Banks (DCCBS) in the state.
The Chief Minister emphasised that banking activities of Primary Agricultural Cooperative Credit Societies (PACS) should be carried out through RBKs and asked the officials to map the PACS accordingly and link them to RBKS, as banking correspondents are already working from RBKs, liaising between farmers and banks. He told them to devise a policy by taking suggestions from banking experts.
He said cooperative banks are the State’s banks and protecting them should be topmost priority. Wherever there is a possibility, loans should be provided at the lowest interest rates to benefit a large number of people. He also discussed strengthening DCCBs, societies, computerisation, transparency policies, and integrating with RBKs to reach a greater extent.
DCCBs and societies should be strengthened in such a way to withstand the competition in the banking sector and the banks would prosper by providing a good amount of loans to the public, he sand directed the authorities to follow proper SOPs and told them to focus on bringing profits to DCCB’s, as many farmers in the rural areas rely on them. Further, he said cooperative banks should also take advantage of such opportunities like providing gold loans, which provides complete security on loans taken.
Pointing out the efforts of the state government in bringing revolutionary changes like Rythu Bharosa Kendras (RBKs), to benefit the farmers, the Chief Minister instructed officials to ensure complete transparency in providing loans.