TSCAB chairman, vice-chairman resign

Speaking on the occasion, Ravinder Rao said that they have decided to resign to their respective posts as certain directors joined the ruling the Congress and have lost confidence in his leadership.

Hyderabad: Konduru Ravinder Rao, chairman of Telangana State Cooperative Apex Bank (TSCAB), resigned from the post on Friday ahead of no-confidence motion proposed by some of the directors of TSCAB, who are supported by the ruling Congress party. However, he would continue as the Chairman of Karimnagar District Cooperative Central Bank (DCCB).

TSCAB vice-chairman G Mahender Reddy also resigned to the post and would continue as the chairman of Nalgonda DCCB.

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Speaking on the occasion, Ravinder Rao said that they have decided to resign to their respective posts as certain directors joined the ruling the Congress and have lost confidence in his leadership.

He stated that under the leadership of former Chief Minister K Chandrashekhar Rao, the TSCAB which was formed in 2015, made signficant progress and emerged as a major bank supporting small and marginal farmers.

“We accorded top priority for transparency and accountability,” he said, adding that in last nine years, the bank’s turnover increased to Rs 30,000 crore, with over 32.94 lakh customers and deposits worth Rs 15,581 crore.

Under his tenure, a total 7,165 posts were filled in all the nine cooperative banks, with recruitments done through IBPS (Institute of Banking Personnel Selection). Further, he stated that the bank won multiple awards and appreciations at the State and national level from reputed institutions including the Central government and the NITI Aayog, asking other cooperative banks to adopt the Telangana model for effective results.

He vowed to continue to strive for improvements in cooperative banking sector. Responding to the resignations of Ravinder Rao and Mahender Reddy, BRS working president KT Rama Rao appreciated their decision for standing with the party and former Chief Minister K Chandrashekhar Rao.

He said notwithstanding the political pressures and other compulsions created to them to join the ruling Congress, both the leaders who took TSCAB to new heights choose ideology and loyalty over posts.