Cooperative banking growth story began four years ago in AP: CM Jagan

APCOB, which witnessed several ups and downs in its 60-year history is today guiding farmers to contribute to their economic prosperity and strengthening rural economy

Vijayawada: Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Friday said the growth journey of the cooperative banking system in the state started four years ago.

This was propelled by the implementation of the recommendations of NABARD consultancy services (NABCONS), he said at the diamond jubilee celebrations of AP Cooperative Bank (APCOB) here.

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APCOB, which witnessed several ups and downs in its 60-year history is today guiding farmers to contribute to their economic prosperity and strengthening rural economy, said Reddy addressing the bank’s officials and others.

According to the CM, the state government had amended rules to strengthen the cooperative banking sector’s governance and appointed professionals to run APCOB and District Cooperative Central Banks (DCCBs) following NABCONS recommendations.

Further, he noted that Rs 295 crore has been injected as share capital into the DCCBs.

Besides unveiling APCOB’s new logo and brand identity guidelines (BIG), Reddy also received a dividend cheque of Rs 56 crore.

Expressing happiness over receiving the cheque, the CM said for the first time APCOB has given dividend to the government.

He further observed that all the DCCBs are running in profit except Eluru.