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Coop.banks should face competition from comm.banks: AP CM

Written by: Staff

Hyderabad, Mar 17 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today said the Cooperative banks would perish, if they failed to meet the challenges posed by Commercial banks.

Speaking at the inaugural session of the meeting of the Board of Directors of National Federation of State Cooperative Banks Limited (NAFSCOB) here, he said unless the cooperative banks adopt the liberalised policies, they cannot face stiff competition from other banks.

Dr Reddy said the cooperative banks should ensure efficient and transparent administration practices, adding that the banks should benefit the comman man and farmers.

He alleged that during the previous Telugu Desam Party(TDP) regime, the cooperative sector was neglected badly.

Dr Reddy said ''It is the Congress Government, which extended the financial support of Rs 260 crore to the cooperative sector.

Andhra Pradesh is the first state to restructure cooperative sector, he added.

Andhra Pradesh Minister for Coperation Kanna Lakshminarayana, NAFSCOB Chairman Aravindaakshan and Andhra Pradesh Cooperative Bank Limited Vasanta Nageswara Rao, also spoke on the occasion.


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