Karimnagar DCCB announces sops to further strengthen PACS

Karimnagar: The Karimnagar District Cooperative Central Bank (DCCB) is taking all measures to further strengthen the Primary Agricultural Cooperative Societies (PACS), which are the pillars of the cooperative movement, by announcing several schemes for the economic activities of farmers and also help PACS run in profits. Accordingly, the DCCB had announced “Karshaka Mitra ” special […]

Karimnagar: The Karimnagar District Cooperative Central Bank (DCCB) is taking all measures to further strengthen the Primary Agricultural Cooperative Societies (PACS), which are the pillars of the cooperative movement, by announcing several schemes for the economic activities of farmers and also help PACS run in profits.

Accordingly, the DCCB had announced “Karshaka Mitra ” special scheme of funding Rs 50 lakh to each PACS which had crossed 80 per cent recovery rate. The societies would provide crop loans to new farmers under the scheme. Similarly, they were also planning to provide loans of Rs 1 crore under PACS as MSC at four percent interest to the societies which in turn would lend the loans at 8 per cent interest to the farmers and others in the villages.

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This announcement was made by Karimnagar DCCB Chairman Konduru Ravinder Rao at the bank’s 101th general body meeting held at the main office in Karimnagar town on Monday. Speaking on the occasion, he called upon the PACS to intensify the drive to increase the deposits as the bank was providing highest interest rates when compared to any other banks in the district.

Appreciating the bank staff for achieving the business of Rs 5,000 crore during the last financial year and earning profits, he informed the staff to strive hard to cross the target of doing business of Rs 6,000 crore during this financial year. He lauded the bank staff for the early clearance of files and fast disposal of the education loans.

He also said that the KDCCB had emerged as a role model in transforming unemployed youth into entrepreneurs by providing loans worth Rs 100 crore. Assuring to provide 6.5 per cent as dividend to the PACS, he promised to discuss the issue of providing honorarium and protocols to the PACS chairpersons with the Telangana Government Chief Secretary.

Karimnagar Dairy chairman Ch Rajeshwar Rao explained about the importance of increasing milk production as well as providing alternate source of income to the farmers by taking up dairy units along with agriculture. He informed the PACS to provide more loans to the dairy units and assured to ensure cent per cent recovery from the milk producing farmers.

DCCB Vice chairman P Ramesh, CEO N Satyanarayana Rao, Karimnagar DCO Srimala, Jagtial DCO Ramanjaneyula Charyulu, NABARD DDM P Ananth, directors and others were also present.