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Andhra Pradesh
Special cell to monitor coop. banks
Special Correspondent
HYDERABAD:
A special cell will be set up at the Government level to monitor the functioning of urban cooperative banks in the State and take steps to ensure payments to depositors.
The Chief Minister, Y.S. Rajasekhara Reddy, issued instructions to this effect after reviewing the functioning of these banks at a meeting on Tuesday. The Cooperation Minister, K. Lakshminarayana, the Chief Secretary, Mohan Kanda, the principal secretary, Cooperation, G. Sudhir, and senior RBI officials attended.
Mr. Lakshminarayana told reporters that efforts would be made to pay to depositors and punish defaulters. Managements would be asked to launch corrective measures immediately. As many as 49 of these banks were incurring losses and 43 others were on the verge of closure. Regarding crop loans, the Chief Minister wanted APCOB to disburse Rs. 2,860 crores to farmers through district central cooperative banks during 2005-06.
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