Andhra Pradesh - Visakhapatnam   

Manam for new coop law

VISAKHAPATNAM: Chairman of Visakhapatnam Cooperative Bank and former MLA Manam Anjaneyulu has urged introduction of a new cooperative legislation instead of the existing two Acts in the State.

Addressing a seminar on the ‘Role of cooperative banks and credit societies in globalisation scenario’, organised on the occasion of his completing 25 years as chairman of the bank here on Sunday, he said at present there were two Acts – of 1964 and 1995 in vogue in the State which was incorrect.

He requested the experts in the cooperative sector to set right the lacunae in these two Acts after examining the cooperative Acts in other States and prepare a new policy for consideration of the Government. The cooperative sector, which was now facing problems due to loopholes in the present Act and RBI policy, could look forward to better results after introduction of a new policy, he opined.

Commissioner of Cooperation and Registrar of Cooperative Societies J.C. Sharma said cooperative societies were like a family and the governments should help their growth and not create problems.

He promised to provide free of cost services of sales officers to cooperative banks for recovery of loans. And in case there were any written complaints on the functioning of the tribunals, the Government would look into it and take appropriate action, he said.

General Manager of Urban Banks department in Reserve Bank B. Durga Prasada Rao advised the management of cooperative banks to say good bye to underhand dealings and function in a transparent manner which would help their growth even in the era of globalisation.

Principal of the Institute of Cooperative Management-Hyderabad HSK Tangirala suggested merger of weak cooperative banks with sound ones.

Chairman of State Cooperative Bank and former Minister Vasanta Nageswara Rao said self-less service in cooperative sector could provide a strong foundation for bright future.

President of the Federation of AP Cooperative Urban Banks and Credit Societies V. Hanumantha Rao, who chaired the seminar, said the Government was helping multi-national, private and commercial banks in the aftermath of liberalization and ignored cooperative sector. Cooperative sector expert N. Harikrishna unfurled the flag while VCB director K. Venkataraju welcomed.

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