Andhra Pradesh - Guntur   

Cooperative body polls by September-end

By Our Staff Reporter

GUNTUR, JULY 17. The State Government is contemplating holding elections to cooperative societies formed under the 1964 Act by September-end by restructuring them with infusion of money and offering them different kinds of packages, the Minister for Cooperation, Kanna Lakshminarayana, said on Saturday.

The monetary imbalances between the A.P. Cooperative Bank (APCOB) and the Primary Agricultural Cooperative Societies and other cooperative societies had risen from Rs.57 crores in 1994-95 to Rs.596 crores, he told reporters here. A five-member committee had been formed to formulate a package to be offered to the societies to restructure them and make them functional taking advantage of the Union Government's Task Force.

The short-term lending to the cooperative sector would be enhanced by 41 per cent from last year and a target of Rs.2,200 crores has been fixed for this, while the long-term lending was proposed to be increased by 131 per cent with a credit outflow target of Rs.300 crores, Mr. Lakshminarayana said.

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