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Chief Minister may participate in centenary celebrations
When co-operative banks are losing reputation due to non-performance and political interference, Nellore District Cooperative Central Bank has crossed another milestone of completing 100 years of its existence. The bank which was established on January 11, 1918 is all set to celebrate its 100th year and Chief Minister N Chandrababu Naidu is likely to participate in the fete on September 8.
Nellore: When co-operative banks are losing reputation due to non-performance and political interference, Nellore District Cooperative Central Bank has crossed another milestone of completing 100 years of its existence. The bank which was established on January 11, 1918 is all set to celebrate its 100th year and Chief Minister N Chandrababu Naidu is likely to participate in the fete on September 8.
The bank was established by Rao Bahadur S Changaiah Panthulu in 1918 at Tipparajuvari street in a rented building and was shifted to its own building at Gandhi Statue centre in 1935. Kavali, Gudur, and Naidupet branches were opened in 1975 which gradually increased to 20 now.
The district has 20 branches and 79 cooperative societies with deposits of around Rs 215 crore. The bank’s loan recovery rate is 85.4 per cent and it provided Rs 303 crore during kharif and Rs 186.9 crore loans during Rabi in 2015-16,
according to officials.
Around 15,000 farmers of the bank were benefitted with the loan waiver announced by the state government. Agriculture Minister S Chandramohan Reddy also acted as Chairman of the bank. “Farmers, who were facing to get even Rs 50,000 loan from a bank are now able to get Rs 10 lakh from the credit society.
This would be increased to Rs 20 lakh after September 8 in connection with the centenary celebrations. The Board had already passed a resolution in this regard and we are committed for progress of the farmers,” said M Dhananjaya Reddy, Chairman of the Bank.
