Date:29/09/2007 URL: http://www.thehindu.com/2007/09/29/stories/2007092961360600.htm

Andhra Pradesh

APCOB sets its sights higher

Special Correspondent

Target of Rs. 4,000 cr. set

HYDERABAD: After three years of consistently improved performance, the Andhra Pradesh State Cooperative Bank (APCOB) has set its sights higher and is working towards achieving a target of Rs. 4,000 crore in the financial year 2007-08.

At a press conference here on Thursday, APCOB president Vasantha Nageswara Rao said they had disbursed Rs. 1,335 crore of short term agricultural loans until August 31.

The target includes Rs. 2,400 crore of loans for the kharif and Rs. 1,600 crore for the ensuing rabi, he said.

While not revealing exact figures, he said for the first time in a decade, APCOB had registered profits and in the last year, had paid Rs. 1.85 crore as income-tax to Government of India. Also, he said, the current membership of about 38 lakh farmer members included an impressive number of new members in the past year.

This showed farmers’ trust in APCOB, he said.

Functioning

Mr. Rao said Andhra Pradesh was the first State to implement the recommendations of the Prof. A. Vaidyanathan Committee to strengthen and reform the functioning of cooperatives.

]The State Government and APCOB had entered into a memorandum of understanding with Government of India and NABARD (National Bank for Agricultural and Rural Development) to implement the recommendations.