Andhra Pradesh - Karimnagar   

DCCB, PACS to get Rs. 120-crore aid

Staff Reporter

KARIMNAGAR: As part of the reforms programme initiated as per the Vaidhyanathan committee recommendations, the District Cooperative Central Bank (DCCB) and its Primary Agricultural Cooperative Societies (PACS) will be getting a financial assistance to the tune of Rs. 120 crores from the National Bank for Agriculture and Rural Development (NABARD).

The NABARD assistance will be utilised for the strengthening of the PACS and DCCB and fill-up all the losses incurred so far and clear all the balances.

In future, the PACS will get additional loans only after attaining at least 50 per cent of recovery of the pending dues. If the PACS do not recover loans up to 50 per cent for a period of three years continuously, then the Government will be forced to close such cooperative societies.

Modernisation

Informing this to newsmen here on Wednesday, DCCB Chairman K. Ravinder Rao said that they were also expecting an additional Rs. 16.60 crores for the modernisation of the existing PACS and provision of all the necessary infrastructure for its successful functioning.

Presently, the DCCB is running in losses to the tune of over Rs. 47 crores and these losses will be removed with NABARD's assistance. He also said that the bank achieved recovery rate of 70.31 per cent during the financial year.

Bank General Manager G. Mallaiah was also present.

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DCCB, PACS to get Rs. 120-crore aid

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