He asked bank officials to encourage deposits from traders and the public to expand operations.
Nalgonda: Agriculture minister Tummala Nageswara Rao on Monday said cooperative banks should function as financial pillars for farmers and rural communities by providing savings, credit and other banking services.
He was speaking after inaugurating the new building of the Khammam District Cooperative Central Bank (DCCB) branch at Kalluru in Khammam district, along with Sathupalli MLA Matta Ragamayi Dayanand.
The Minister said the growth of cooperative banks depended on improving farmers’ incomes, as timely loan repayments would strengthen the banking system and enable extension of credit to more farmers. He asked bank officials to encourage deposits from traders and the public to expand operations.
He said a proposal had been submitted to set up an integrated Sub-Collector’s office at Sathupalli. He added that a palm oil factory coming up at Vemsur would generate employment and that a proposal had been sent to upgrade the Khammam–Aswaraopeta road into a four-lane national highway.
He said efforts would be made to bring development opportunities from both the state and the Centre to the constituency.
Matta Ragamayi Dayanand said the cooperative bank offered loans at lower interest rates compared to private banks and urged farmers to repay loans on time. She also asked officials to create awareness about available loan schemes.
