The Hindu : Andhra Pradesh News : APCOB chairman offers to resign amid drama

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Wednesday, Jun 18, 2008
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Andhra Pradesh

Andhra Pradesh

APCOB chairman offers to resign amid drama

Special Correspondent

MACHILIPATNAM: Irked by criticism from within the party that he had damaged the prospects of repayment of loans cleared by the farmers, Andhra Pradesh State Cooperative Bank (APCOB) chairman Vasantha Nageswara Rao on Tuesday offered to resign as Chairman of the APCOB as well as the Krishna District Cooperative Central Bank.

Even as he wrote down the resignation letter in a huff at the Krishna District Congress Committee (DCC) meeting attended by Minister Dharmana Prasada Rao and read it aloud, he was persuaded by senior leaders not to take any hasty step.

The trouble began at a meeting with bankers chaired by the Revenue Minister over finalising an action plan for implementing the loan waiver scheme. TDP MLA Devineni Umamaheswara Rao and MLC Y.V.B. Rajendra Prasad criticised Mr. Nageswara Rao for forcing the farmers to clear the loans by February 29, 2008 on the promise of keeping the amounts in a suspension account and refunding them entirely if any loan waiver scheme was implemented in the future.

With criticism mounting and a party functionary alleging that he had made money at the cost of farmers, Mr. Nageswara Rao wrote down the resignation letter and tried to hand it over to DCC president Segu Venkateswarlu.

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