NABARD releases Rs 460 cr to Coop Credit Societies in AP

Hyderabad, July 3 (UNI) The National Bank for Agriculture and Rural Development (NABARD) has released the first tranche of Rs 460 crore to Andhra Pradesh for revitalising the ailing Cooperative Credit Societies.

Informing this to reporters here today, its Chairman Y S P Thorat said Andhra Pradesh was the second state in the country after Haryana to receive financial support from NABARD under the Rs 13,000 crore financial package evolved by the Vaidyanathan Committee for the cooperative credit institutions in various states.

Its Managing Director K G Karmakar said so far, 12 states had come forward to enter into a Memorandum of Understanding with NABARD for reviving the sick cooperative credit institutions, the latest being Chhattisgarh.

As per the formula evolved by the Vaidyanathan Committee, cooperative credit societies in each state would be provided financial support only after auditing the accounts of each of them for arriving at the accumulated losses.

UNI