The Hindu Business Line : Co-op conference on July 16, 17 in Hyderabad

THE Andhra Pradesh State Co-operative Union and the Andhra Pradesh Co-operative Urban Banks' Federation are jointly organising a State-level seminar in Hyderabad on July 16 and July 17 to discuss the problems afflicting the sector.

Mr P. Raghunadha Rao, the vice-president of the reception committee and the Chairman of the Kanakamahalakshmi Co-operative Bank here, said at a press meet here on Saturday that the sector was going through a crisis of late and certain amendments to the act were necessary. There was a need to make co-operatives democratic, self-reliant and professional. All steps required for the purpose would be discussed at the two-day conference.

He said the Governor, Mr Sushil Kumar Shinde, would inaugurate the conference in which the representatives of the RBI and several State ministers would participate.

Mr Raghunadha Rao said the meet would also discuss the recent MoU signed between the State Government and the RBI on strengthening the co-operative urban banks in the State. He said a taskforce would be constituted for the banks, which was a welcome move.

On the number of weak urban co-operative banks in the State, however, the number given (49) was too high.

"Probably, 23-26 urban co-operative banks can be classified as weak," he said.

On the performance of his bank (Kanakamahalakshmi Bank), he said the bank had completed six years and was on a steady growth path. It had share capital of Rs 2.24 crore, reserves of Rs 2.06 crore, deposits of Rs 26.75 crore and advances of Rs 18.52 crore. During 2004-2005, it could earn net profit of Rs 41.80 lakh. The NPA was 4.12 per cent.

The bank was planning to open one more branch at Gopalapatnam this year, he added.

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