YS Jagan reviews on Agriculture sector, says there need to protect co-operative banks

Chief Minister Jagan directed officials that loans should be made through cooperative banks at as low interest as possible. As part of the review on the co-operative sector, the CM reviewed the performance of the district central co-operative banks in the state, their branches, and the performance of the primary agricultural co-operative credit societies. Officials explained the steps taken so far to strengthen the cooperative banks. The DCCBs, strengthening of societies, computerisation transparency policies, Integration with RBKs etc. were discussed and key directions were given. Chief Minister YS Jagan Mohan Reddy said that there is a need to protect cooperative banks.

He said if there was a quality credit facility, the development would be better for the people and farmers if loans were given at low-interest rates. The CM directed that loans should be disbursed at a low-interest rate. He said DCCBs and societies should be able to face competition in the banking sector.

YS Jagan said that lending on gold at a lower interest rate than other banks could turn customers on their side, thereby benefiting both the clients and the cooperative banks. The CM made it clear that there should be no compromise anywhere in the granting of loans and there should be no room for politics.

He directed that the activities of the Central Co-operative Banks should not be subject to corruption and recommendations. Co-operative banks are advised to take steps to instill confidence in the clients. The CM also suggested that the kiosks in RBKs should be utilised in banking activities to make efficient use of them.