In a surprising move, well-known cooperator and NAFSCOB President K. Ravinder Rao resigned as Telangana State Cooperative Apex Bank (TSCAB) chairman on Friday. He has been affiliated to BRS.
Despite pressure from the ruling Congress to join their party and retain his position, Rao declined and stepped down. He cited the recent switch of some state co-operative society members to the Congress as his reason for resigning.
Vice-chairman Mahender Reddy also resigned.
It is gathered that out of nine directors on the board of Telangana State Cooperative Bank, seven were against his continuation, which forced him to resign from the position.
These seven directors were earlier associated with the BRS party but have now shifted to the Congress. It is being reported that from these seven directors- a Chairman and Vice-Chairman would be elected on 10th June 2024.
Rao highlighted the bank’s achievements, including NITI Aayog’s praise and several national awards, emphasizing the cooperative system’s growth in Telangana over the past nine years of his tenure.
A man with friendly disposition, Rao was catapulted to national cooperative scene with his unopposed victory to the top post of NAFSCOB- an apex body of state co-op banks in the country. Rao has also energized NAFSCOB by organizing several seminars.