Apcob celebrates 62nd Foundation Day

Vijayawada: The Andhra Pradesh State Cooperative Bank (Apcob) is a vital institution for the state’s rural economy, said Minister for Agriculture, Cooperation, and Marketing, Kinjarapu Atchannaidu. He was speaking at the bank’s 62nd Foundation Day celebrations held at the MB Vijnana Kendram here on Monday.

The minister extended his greetings to farmers, women’s federations, youth, cooperative society members, and bank officials. He highlighted APCOB’s crucial role in providing timely loans for seeds, fertilizers, and other agricultural needs, thereby supporting the state’s farmers.

“The government is fully committed to strengthening the cooperative structure to financially empower every farming household,” he stated. He assured that with technology, cooperative bank services would become more accessible and citizen-friendly. He praised institutions like DCCBs (District Cooperative Central Banks), PACS (Primary Agricultural Credit Societies), and APCOB for serving rural areas that commercial banks often neglect.

Minister Atchannaidu noted APCOB’s significant role in supporting underprivileged communities. He recalled that before 2014, there was no separate ministry for the cooperative sector at the central level. However, under Prime Minister Narendra Modi, a dedicated ministry was established, giving the sector national priority.

The minister said that in Andhra Pradesh, agriculture and cooperatives are two crucial sectors, and economic support is key to their growth. He noted that APCOB has expanded its services beyond just loans to include providing agricultural inputs, and even running medical stores and petrol stations, which contribute significantly to rural economic infrastructure.

The minister also highlighted the success of the DWCRA model, which was introduced under Chief Minister N Chandrababu Naidu’s leadership and has now become a national example.

He said nearly one crore women are engaged in cooperative transactions worth Rs 42,000 crore. However, most of these transactions are currently handled by private banks. The minister assured that plans will be developed to route these transactions through Apcob and its affiliates, which would offer lower interest rates than private banks.

He concluded by urging all stakeholders to work together to advance the cooperative sector and expressed hope that Apcob would achieve greater heights in the future. Apcob chairman G Veeranjaneyulu, Special Chief Secretary B. Rajasekhar, RCS Amar Babu, Apcob MD Srinath Reddy, Nabard CGM Gopal, DCCB chairpersons, PACS leaders, and other dignitaries were present.