Telangana State Cooperative Urban Banks Federation organized its 8th Annual General Meeting (AGM) at Hyderabad last week, which was chaired by the federation Chairman Vemireddy Narasimha Reddy.
A major highlight of the AGM was the emphasis on the role and importance of the newly formed National Urban Cooperative Finance and Development Corporation (NUCFDC), commonly referred to as the Umbrella Organization.
During his opening remarks, the federation President Vemireddy Narasimha Reddy urged members to actively contribute towards the share capital of NUCFDC.
The AGM was attended by 44 members representing 27 cooperative banks, achieving the required quorum.
He highlighted the strategic benefits of member contributions towards NUCFDC and emphasized that cooperation from all member banks will empower the cooperative sector further.
The federation Vice-President Pramod Kumar Kedia praised the federation’s turnaround from deficit expenditure to surplus income in the audited financial reports for the current year.
The AGM concluded with a vote of thanks to the chair, highlighting a successful and forward-looking meeting for the Federation.
It is reported that out of 48 urban cooperative banks in Telangana, 8 have contributed a total of Rs 69.10 lakh towards the NUCFDC, which will function as an Umbrella Organization (UO) for UCBs across the country. Additionally, seven UCBs have submitted resolutions to contribute towards the UO, with their contributions expected to amount to around Rs 3.29 crore.