Karimnagar: The Karimnagar District Cooperative Central Bank (DCCB), which has emerged as the best performing cooperative in the country, is all set for expansion and increase its customer base as also its business turnover.
The DCCB, which has 67 bank branches in various parts of the erstwhile Karimnagar district, is planning to enhance the number of branches to 100 by opening another 33 branches very soon.
The bank had already applied for opening five new branches with the RBI, said Konduru Ravinder Rao, chairman of Karimnagar DCCB.
Participating in the 100th general body meeting of the Karimnagar DCCB held in Karimnagar town on Tuesday, he said that they were also taking necessary measures to strengthen all the 128 primary agriculture cooperative societies (PACS) and make them function on a par with the banks.
He said that they had taken up diversification of all the PACS into multi-service centres with the NABARD assistance.
Already, 36 PACS were on the diversification mode at a cost of Rs 23 crore, he said and added that another 17 PACS have also applied for the diversification of their regular trade to other businesses such as godowns, retail shops, shopping malls, agro-based industries etc.
He said that they had set a target of converting all PACS into MSCs by utilising about Rs 200 crore NABARD finances which were at low interest rate of only 4 per cent and repayment in seven years period.
The DCCB chairman said that they were holding consultations with various oil companies for opening petrol filling stations at all PACS as part converting them into the MSCs. He said that the DCCB was providing 50 per cent financial support for the construction of strong-rooms and other safety measures for all PACS as part of their banking operations.
The meeting had also passed a resolution urging both the Centre and State governments to procure paddy produced by the PACS and also providing minimum support price to the fine rice variety of paddy as part of discouraging ordinary variety of paddy.
Stating that Chief Minister K Chandrashekhar Rao had announced the farmers to take up regulating farming with a foresight, he said that the diversification of cropping pattern was the only solution in the days to come and informed the farmers to get prepared to face the new challenges by adopting regulated farming and reap riches.
CEO N Satyanarayana Rao read out the annual report and the achievements of the bank.
On the occasion of completion of centenary celebrations of the bank and earning profits, the meeting announced payment of 100 days performance linked incentive to the DCCB staff and also 6 percent dividends to the farmers. Vice chairman P Ramesh, NABARD DDM P Ananth, Peddapalli DCO Michael, directors were also present.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.