Warangal DCCB on growth path: Errabelli Dayakar Rao

Warangal: Cooperative banks play a major role in empowering farmers, Minister for Panchayat Raj and Rural Development Errabelli Dayakar Rao said. Speaking at the valedictory of Cooperative Week here on Sunday, the minister said that cooperative banking provides an effective alternative to the traditional defective credit system of the village money lender.

"District cooperative banks made huge strides under the leadership of Chief Minister K Chandrashekar Rao," Errabelli said, referring to the 'Best Credit Growth Award' received by the Warangal District Cooperative Bank. The minister heaped praise on bank staff for increasing annual turnover to Rs 1,500 crore in this financial year from Rs 870 crore in 2019. The minister emphasised the need for exploring side businesses to improve the economy of the societies.

Referring to the protocol of DCCB chairman and directors, Errabelli said that he had taken the issue to the notice of the Chief Minister and was expecting a favourable decision. The CM will also take a decision on the hike of honorarium of the directors, he added.

DCCB chairman Marneni Ravinder Rao said that the bank achieved phenomenal growth since the new committee was sworn in 2020. "With 27 branches, the bank is extending its services like never before. File relating to setting up another 10 branches is with the government," Marneni said. He said that the sale of 50 per cent of the fertilisers is being done by the cooperative societies at affordable prices. All the societies are being shifted to own buildings from rented premises, he added. He thanked the minister for his cooperation in setting up a new branch in Eturnagaram. "Efforts are on to increase the bank turnover from Rs 1,500 crore to Rs 2,000 crore," Marneni said, explaining the bank's growth through power point presentation.

DCCB vice-chairman Kunduru Venkateshwar Reddy, CEO Ch Chinna Rao and TSCAB chairman Konduru Ravinder Rao were among others present.