Live
- Additional Collector Conducts Surprise Visit to Boys' Hostel in Wanaparthy
- Punjab hikes maximum state-agreed price for sugarcane, highest in country
- Centre okays PAN 2.0 project worth Rs 1,435 crore to transform taxpayer registration
- Punjab minister opens development projects of Rs 120 crore in Ludhiana
- Cabinet approves Atal Innovation Mission 2.0 with Rs 2,750 crore outlay
- Centre okays Rs 3,689cr investment for 2 hydro electric projects in Arunachal
- IPL 2025 Auction: 13-year-old Vaibhav Suryavanshi becomes youngest player to be signed in tournament's history
- About 62 lakh foreign tourists arrived in India in 8 months this year: Govt
- IPL 2025 Auction: Gujarat bag Sherfane Rutherford for Rs 2.60 cr; Kolkata grab Manish Pandey for Rs 75 lakh
- Assam CM meets Governor, cabinet expansion on the cards
Chief Minister may participate in centenary celebrations
When co-operative banks are losing reputation due to non-performance and political interference, Nellore District Cooperative Central Bank has crossed another milestone of completing 100 years of its existence. The bank which was established on January 11, 1918 is all set to celebrate its 100th year and Chief Minister N Chandrababu Naidu is likely to participate in the fete on September 8.
Nellore: When co-operative banks are losing reputation due to non-performance and political interference, Nellore District Cooperative Central Bank has crossed another milestone of completing 100 years of its existence. The bank which was established on January 11, 1918 is all set to celebrate its 100th year and Chief Minister N Chandrababu Naidu is likely to participate in the fete on September 8.
The bank was established by Rao Bahadur S Changaiah Panthulu in 1918 at Tipparajuvari street in a rented building and was shifted to its own building at Gandhi Statue centre in 1935. Kavali, Gudur, and Naidupet branches were opened in 1975 which gradually increased to 20 now.
The district has 20 branches and 79 cooperative societies with deposits of around Rs 215 crore. The bank’s loan recovery rate is 85.4 per cent and it provided Rs 303 crore during kharif and Rs 186.9 crore loans during Rabi in 2015-16,
according to officials.
Around 15,000 farmers of the bank were benefitted with the loan waiver announced by the state government. Agriculture Minister S Chandramohan Reddy also acted as Chairman of the bank. “Farmers, who were facing to get even Rs 50,000 loan from a bank are now able to get Rs 10 lakh from the credit society.
This would be increased to Rs 20 lakh after September 8 in connection with the centenary celebrations. The Board had already passed a resolution in this regard and we are committed for progress of the farmers,” said M Dhananjaya Reddy, Chairman of the Bank.
