One of the prominent leaders of the YSR Congress and a close associate of Andhra Pradesh Chief Minister, Tanneeru Nageswara Rao has taken over as the Chairman of Krishna District Cooperative Bank- the leading co-op bank of South India on Tuesday.
He has taken the charge along with other board members. It bears recall that from the past five months there had been an administrator in the bank because the term of Yarlagadda Venkat Rao was over and the elections could not be held on time due to Covid-19.
And, on Monday the state government appointed a seven members team led by Nageswararao to conduct the affairs of the bank for a period of six months or till the elections are held or till further others.
The other members who have been appointed include Kommineni Ravi Shankar, Nallamothu Koti Prakash Rao, Vemulakonda Rambabu, Bhukya Rani, Gadidesi Peda Venkaiah and Padamata Sujatha.
Talking to Indian Cooperative, the newly appointed Chairman of the bank said, “I am happy that the government has given me such a big responsibility and I am sure I will meet all the expectations”.
“At present the turnover of the bank is more than Rs 7000 crore but in the span of one year I will take this to 10k crore by introducing new schemes and by modifying the existing schemes”, he added.
It is reported that the state government is planning to make Venkat Rao the Member of Legislative Assembly but his friends say during his Chairmanship the bank grew by leaps and bounds. “You will be surprised to know that in the span of 14 months he increased the turnover from 5400 cr to 7180 cr”, one of his friends said.
The letter released on Monday related to the appointment of Nageswararao reads, ” Now, the Government have examined the proposal of CC&RCS, Guntur in the reference 2nd read above and reviewed the matter in detail in the light of the current situation and in view of the monsoon picking up with frequent rains, taking up multifarious activities by cooperative credit societies like infrastructure under Agriculture Infrastructure Fund as a part of Atma Nirbhar Bharat and also crop loan disbursals in Kharif being taken up, more activities need to be attended by the Bank and also as conduct of elections to the Primary Agricultural Cooperative Societies which are the ‘A’ Class members of the DCCB might take some more time due to the Covid pandemic situation and elections to the DCCBs will be possible only after the conduct of elections to PACSs”.
“The Government after careful examination of the matter, hereby appoint the Non-official Persons-In-Charge Committee to the Krishna DCCB Ltd., Machilipatnam as mentioned below in place of Official PIC to manage its affairs under Section 32(7)(a)(i) of APCS Act, 1964 in more democratic and participative manner, with immediate effect for a period of six months or till the conduct of elections or till further orders”, it reads.
The Krishna District Cooperative Bank mainly caters to the credit needs of the farmers in the district through 425 affiliated PACS besides extending direct finance through 58 Branches of the DCCB.
