TENALI (GUNTUR): The ailing cooperative societies will be revived in a phased manner heralding the ‘golden age of cooperative movement’ Andhra Pradesh Cooperative Bank Chairman Vasantha Nageswara Rao said on Friday.
Speaking to reporters at the end of the training sessions held for members of governing bodies of various societies and staff of the cooperative banks held here, he said that in tune with the recommendations of Vaidyanathan’s committee National Bank for Agriculture and Rural Development (Nabard) has announced a financial package of Rs.3,000 crore to bail out sick cooperative societies across the State. Of that, Rs.173 crore has been allotted to revive 95 societies in Guntur district alone. The district has already been granted Rs.23 crore, which has been credited to various societies.
Subsidy
Lauding the effort of Chief Minister Y.S. Rajasekhara Reddy in inking an agreement with Nabard to bail out the sick cooperative societies, he said that the State Government has already announced a subsidy of 5 per cent on the interest rate on crop loan, paving the way for disbursement of crop loan to farmers at a minimal interest rate of 6 per cent.
The fact that cooperative societies gave away 35 per cent of crop loans in 2006-2007 speaks volumes about the revival of cooperative movement in the State. The Government has also decided to disburse Rs.18 lakh crop loan in this season, he said. Members and associate members would be provided voting right to fight competition,” he said.
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