APCOB urges NABARD for more Long Term loans

Hyderabad, Feb 09 (UNI) Andhra Pradesh Cooperative Bank (APCOB) president Vasanta Nageswara Rao today urged NABARD chairman Dr Y S P Thorat to help the cooperative banks in the state.

Mr Rao, who met the Thorat at Mumbai, urged him for providing additional Long Term loan of Rs 150 crore for 2006-07 and adhoc release of Rs 703.66 crore by way of assistance to the state as the part of revival package of Prof A Vaidyanathan Committee recommendations and as decided in the National Implementation Minotiring Committee.

He said the bank had launched a new ''Sreenidhi Deposit Scheme'' under which it would offer 9.10 per cent interest per annum for 450 days deposit while for senior citizen the interest offered was 9.60 per cent.

The effective rate of interest would be 9.51 per cent while it would be 10.07 per cent for senior citizens. Under this scheme, the minimum despoit was Rs 25,000.

The Sreenidhi Deposit Scheme with attractive interest rates would be offered till March 31 this year, he added.

UNI