‘FRDI Bill rumours affect deposits in PDCC Bank’

Ongole: Rumours over the proposed Financial Resolution and Deposit Insurance (FRDI) Bill has affected the deposits in the bank, said Kande Srinivasulu, Chairman of Prakasam District Cooperative Central Bank (PDCCB) Limited. Celebrating the 100 days of his chairmanship and thanking the government, Srinivasulu explained various development programmes planned by the bank. 

He said that they are convincing the Andhra Pradesh Cooperative Bank (APCOB) to increase the annucal sanctions from Rs 300 crore to Rs 400 crore in 2018-19 and increasing the present Rs 300 crore Karshak Vikas Runa Pathakam loan amount to Rs 350 crore. He assured that the loan disbursement powers are given to the branch managers concerned only and asked the eligible farmers to approach the bank for loans. 

He said that the deposits in the bank were reduced to Rs 568.99 crore (reduced by Rs 23.03 crore). He said that rumours over gossip on the proposed FRDI Bill affected the bank as the customers are not coming forward to deposit money in the bank. 

He said that they are offering a 0.5 per cent more interest on the deposits than the corporate banks  but are failing to attract new customers. He announced that the senior citizens will get one per cent more interest than the ordinary citizens while the retired employees of the bank get another 0.5 per cent interest more than the senior citizens.