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APCOB bifurcation after Oct 2
The prestigious Andhra Pradesh Cooperative Central Bank (APCOB), the premier bank in the cooperative sector is set for bifurcation after October 2.
- NABCON working out division
- Assets distribution bone of contention
- Vijayawada likely APCOB headquarters
Vijayawada: The prestigious Andhra Pradesh Cooperative Central Bank (APCOB), the premier bank in the cooperative sector is set for bifurcation after October 2. The NABARD Consultancy Services (NABCON) is currently working on the bifurcation of the bank, particularly in terms of distribution of assets.
The bifurcation would have been simple had it not for the tussle between the Andhra Pradesh and Telangana members of the bank over sharing of assets and profits of the bank. The bank, with a membership of 13 District Cooperative Central Banks (DCCBs) from Andhra Pradesh and 9 DCCBs from Telangana posted Rs 69.48 crore profits after tax in the last financial year, showing 17.20 per cent fall compared to the 2012-13. The board of directors of the bank, representing Andhra Pradesh and Telangana staked their claim for greater share in the assets leading to the bank approach National Bank for Agriculture and Rural Development (NABARD) for intervention. Following this, the NABARD had assigned the task to its own consultancy, NABCON to settle the dispute and bifurcate the bank.
The NABCON had agreed to complete the bifurcation process by October 2, 2014 and allow peaceful division of the bank between the two States.
The NABCON had held several rounds of talks with the senior functionaries of the bank. The bank has more DCCBs from AP, which have the highest number of Primary Agriculture Cooperative Societies (PACS), contributing to the growth of the bank.
With 13 DCCBs representing Andhra Pradesh, the directors from Andhra Pradesh want due share from the assets of the bank, while their Telangana counterparts are insisting on equal distribution.
The DCCB chiefs from Andhra Pradesh believe that they would get their due share from the bank in the division as NABCON is working on it. Though the APCOB building in Hyderabad will have to be given to the Telangana, the AP directors insist on compensating it, for which the NABCON is said to be sympathetic.
Meanwhile, the DCCB chiefs from Andhra Pradesh are in favour of having the APCOB headquarters in Vijayawada. In all probability, the bank’s headquarters is likely to be located in the NTR Cooperative Bhavan in the city. The APCOB has its regional office housed in this building which is set for up-gradation after bifurcation.
