NABARD to upgrade all cooperative banks

Tirupati, Mar 3 (UNI) The National Bank for Agriculture and Rural Development (NABARD) will upgrade all cooperative banks and societies in Andhra Pradesh with an estimated cost of Rs 2,010 crore, State NABARD Chief General Manager S R Aluru said here today.

Addressing a press conference, he said as part of upgradation of banks and to meet the present commercial competition in the banking sector, NABARD will also provide technical assistance to the cooperative banks and to Primary Agriculture Cooperative Societies (PACS) in the State.

Under Vaidyanathan project, for re-vitalisation of cooperative banks in the State, Rs 600 crore was already released in the first phase, he said.

For the first time, Andhra Pradesh had made an MoU with the Central Government and NABARD for re-organisation of 2,700 PACS in the State, he said.

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