The Hindu Business Line : AP plans special cell to monitor co-op banks

TO closely monitor the functioning of State-based urban cooperative banks (UCBs) and take necessary steps for prompt repayment to depositors, the Andhra Pradesh Government has decided to create a special cell.

The Chief Minister, Dr Y.S. Rajasekhara Reddy, who reviewed the functioning of the UCBs, directed the officials to this effect here on Tuesday.

According to an official release, the Chief Minister was informed that there were a total of 170 UCBs in the State, of which 43 were already liquidated and another 49 banks were identified as weak.

The Chief Minister said all possible efforts should be made to pay the money to depositors and punish the defaulters. The managements of the UCBs should be asked to take corrective measures for the smooth functioning, he said.

Reviewing the crop loans disbursement, Dr Reddy directed the AP Cooperative Bank (APCOB) to disburse the targeted sum of Rs 2,860 crore for the year 2005-06. Of this, Rs 2,000 crore should be earmarked for Kharif 2005 and the balance for Rabi. The Chief Minister was informed that the District Cooperative Central Banks have so far disbursed Rs 489.61 crore during the ongoing Kharif.

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AP plans special cell to monitor co-op banks