Telangana: DCCB Medak launches UPI services

Sangareddy: District Cooperative Central Bank Limited (DCCB) Medak has become the second bank to launch Unified Payment Interface (UPI) transactions in Telangana after erstwhile Karimnagar DCCB. Launching the UPI services at DCCB Medak head office along with National Bank for Agriculture and Rural Development (NABARD) Chief General Manager Susheela Chinthala in Sangareddy on Friday, Telangana […]

Sangareddy: District Cooperative Central Bank Limited (DCCB) Medak has become the second bank to launch Unified Payment Interface (UPI) transactions in Telangana after erstwhile Karimnagar DCCB.

Launching the UPI services at DCCB Medak head office along with National Bank for Agriculture and Rural Development (NABARD) Chief General Manager Susheela Chinthala in Sangareddy on Friday, Telangana State Cooperative Apex Bank Limited (TSCAB) MD Nethi Muralidhar has said that the DCCB Medak has been progressing well by offering stiff competition to Karimnagar DCCB which was among the top cooperative banks in the nation.

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The TSCAB MD has said that Medak DCCB was returning a share of the interest amount to Self Help Groups (SHGs) which forced other competent banks in the district to decrease the interest rates. On many indicators, Muralidhar said that the DCCB-Medak was progressing better than other DCCBs in the State. He has suggested the bank management follow all the Reserve Bank of India (RBI) guidelines. The MD TSCAB has said that the Medak bank was backing the dairy industry well by giving liberal loans to dairy farmers.

DCCB Chairman Chitti Devendar Reddy has said that the bank was having 3.37 lakhs of savings bank account holders in addition to 2,440 current account holders. As online payments were increasing in day-to-day life, the Chairman said that they have decided to provide UPI services to their customers. Devendar Reddy has called upon all their customers to utlise the opportunity to make transactions easy. Chief Executive Officer of the bank M Srinivas said that all the account holders can easily do payments on Google pay, Paytm, Phone Pay and others. Bank Directors and others were present.