Pensions likely to co-op bank staff: NAFSCOB chief

Pension scheme for cooperative bank staff, assures NAFSCOB chief

Karimnagar: Chairman of National Federation of State Cooperative Banks limited (NAFSCOB) Konduru Ravinder Rao has assured that he would examine the possibility of providing a pension scheme for cooperative bank staff to help them lead a decent life after retirement.

Rao, who is also chairman of Telangana State Cooperative Apex Bank (TSCAB) and Karimnagar District Cooperative Central Bank (DCCB), said he would also examine the request to provide payscales to cooperative bank staff after constituting a committee. With regard to the introduction of 2-tier system of cooperative banking sector by merging DCCBs with the TSCAB, he said that “It is not 2-tier or 3-tier system. It is for better service provider to the customer.”

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The Reserve Bank of India (RBI) may take up the cooperative sector banks also look into the issue of merger of the DCCBs with the TSCAB once the proposed Banking Regulation Act, 2020, comes into effect from April 1 onwards in the country. “Definitely, a time will come soon when the issue of merger of cooperative banks would be discussed,” he said.

Rao was speaking at a felicitation programme organised by Telangana State Cooperative Bank Employees Association in Karimnagar town on Saturday evening following his election as NAFSCOB chairman recently.

Calliing upon the Karimnagar DCCB staff to uphold the image of the bank, which had emerged as the number one cooperative bank in the country, by increasing business volumes. he assured that the number of branches in the district would be increased. He also urged the employees to convert the existing Primary Agriculture Cooperative Societies (PACS) as the bank extension counters by utilising the available technology to provide services to the customers.

Explaining the dream and motto of the KDCCB was to strive to increase the rural economy, he said that the institution and the employees’ welfare should go hand in hand and assured all assistance for the employees if the institution was functioning well. Attributing the success of the bank and his elevation to the national level as NAFSCOB with the support of employees and directors of the bank, he also thanked the senior Congress leaders and former Ministers T Jeevan Reddy and J Ratnakar Rao and his brother Konduru Gandhi for entering into the cooperative sector by becoming the PACS chairman from Gambhiraopeta mandal.

The Telangana State Cooperative Bank Employees’ Association president A Mallesham, general secretary V Surender and others urged the TSCAB chairman to merge the DCCBs with TSCAB. They were also all praise for Ravinder Rao for bringing reputation to the KDCCB and Telangana State with his elevation to the NAFSCOB as its chairman.

DCCB vice chairman P Ramesh, director V Mohan Reddy, CEO N Satyanarayana Rao, Women’s wing leader Lavanya, general manager B Sridhar, DCMS chairman A Srikanth Reddy, bank staff and retired bank employees were also present. They also felicitated Mr Ravinder Rao on the occasion.

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