DCCB chairman refutes graft charges levelled by Errabelli

Warangal Urban: Warangal District Cooperative Central Bank chairman Janga Raghava Reddy has taken serious exception to a complaint made by Palakurthy MLA E Dayakar Rao to state government against the bank’s functioning.

The bank chairman described allegations made by as false and politically motivated. The DCCB has fully been following all the guidelines stipulated by National Bank for Agriculture and Rural Development (NABARD) and Reserve Bank of India (RBI).

Speaking to presspersons in Hanamkonda on Thursday, Raghava Reddy informed that in the wake the complaint by the MLA the CM’s office directed the Commissioner for Cooperation and Registrar of Cooperative Societies (CC&RCS) to probe into the issue.

But none of the allegations made by the MLA were found true, he said while giving explanation to eight allegations made by the MLA in his complaint to the CM’s office. On an allegation that the DCCB chairman was making use of the banks’ funds for his personal needs without maintaining any records, the CC & RCS teams have conducted inspections at 19 branches of the bank simultaneously on March 28.

After the inspection of the cash at the banks the CC&RCS has certified that the cash reserves were ‘verified and found correct’, Raghava Reddy said while showing a copy of the verification certificate.

He further informed that the officials from Commissioner for Cooperation and Registrar of Cooperative Societies have also verified the records of loans issued and recovered and have certified that no irregularities have taken place.

“As the bank’s chairman I do not involve in either loans disbursement or their recovery. The banks’ governing body and the concerned PACS will take care of it. There is no need for me to resort to any sort of irregularities as I came from Left wing back ground my first priority is to serve the farmers” he stated.

Raghava Reddy noted that he or the bank had never faced any charges of irregularities until the Congress leadership made him in-charge of Palakurthy assembly segment represented by Dayakar Rao. The trouble started after he assumed the charge of the post. The DCCB was in losses for the past several decades; after the current governing body came into existence four years ago the bank started earning profits.

The loan recovery rate which was at 25 per cent in the past was now reached 98 per cent with collective efforts of the staff and the governing body, he explained. “If anyone proves that I have committed irregularities I am ready to quit the chairman post” he asserted.