APSRTC CCS to sanction festival advance to employees

Vijayawada: The Andhra Pradesh Road Transport Corporation Cooperative Credit Society (CCS) has decided to sanction festival advance of Rs 10,000 to the society members to celebrate the festivals of Dasara, Diwali, Ugadi, Christmas, Ramzan etc. The CCS is now gradually recovering financially after suffering hardships during corona pandemic.

The RTC CCS was formed 70 years ago and was helpful to the employees by sanctioning loans to the society members for many decades.

Due to Covid impact, the income of society was decreased and was not able to sanction loans immediately. The members had to wait for four to six months to get the loan.

Now, with recovery from financial problems, the CCS has decided to sanction festival advance of Rs 10,000 to the members. The members have to repay the loan in 10 equal instalments with interest of 11 per cent. One member can take the advance maximum six times in a year. The CCS members have to submit application 15 days before to get the festival advance and all applications will be sent to the head office in Vijayawada.

APSRTC vice-chairman and Managing Director Dwaraka Tirumala Rao, who is the chairman of Cooperative Credit Society, has taken initiative to strengthen the society. The APSRTC had earlier used Rs 175 crore belonging to the CCS and had repaid in recent months back to the CCS. Consequently, the financial condition of the CCS has also improved.

The APSRTC on Tuesday announced that personal loans and other loans up to Rs 5 lakh will be sanctioned to the members to meet the financial requirements.

The APSRTC CCS is one of the biggest credit societies in the country with thousands of members, the RTC employees.