Strengthening the Rural Economy: APCOB’s Steadfast Commitment : Atchannaidu

Strengthening the Rural Economy: APCOB’s Steadfast Commitment

Empowering the Cooperative Sector to Ensure Financial Security for Every Farming Household

Bringing Cooperative Bank Services Closer to People Through Technological Advancement

APCOB Celebrates Its 62nd Foundation Day with Grandeur

Hon’ble Minister for Agriculture, Sri Kinjarapu Atchannaidu, Graces the Occasion as Chief Guest

Amaravati/Vijayawada, August 4: The Andhra Pradesh State Cooperative Bank (APCOB) has been playing a pivotal role in strengthening the state's cooperative sector and acting as a lifeline to the rural economy, said Hon’ble Minister for Agriculture, Cooperation, and Marketing, Sri Kinjarapu Atchannaidu. Speaking at the grand 62nd Foundation Day celebrations of APCOB held at the MB Knowledge Centre in Governorpet, Vijayawada, the Minister extended warm greetings to farmers, women’s federations, youth, cooperative society members, and bank officials on this momentous occasion. The Minister highlighted how APCOB has been instrumental in timely provision of loans to farmers for seeds, fertilizers, and investment needs, thereby supporting agricultural development. “The government is fully committed to strengthening the cooperative structure to financially empower every farming household,” he stated, assuring that with technological integration, cooperative bank services will become more accessible and citizen-friendly. He praised institutions like DCCBs, PACS, and APCOB for serving rural areas that remain underserved by commercial banks.

Special Focus on Uplifting the Poor

The Minister underlined APCOB’s significant role in supporting underprivileged communities in rural areas. He recalled that there was no dedicated Ministry for the Cooperative Sector at the Centre in the past, but after 2014, Prime Minister Narendra Modi recognized its importance and established a separate Ministry, giving it national priority. In Andhra Pradesh, agriculture and cooperatives are the two most crucial sectors, he said, and economic support to these is key to their growth. APCOB has evolved from merely disbursing loans to now providing agricultural inputs like seeds, fertilizers, and pesticides, and even operating medical stores and petrol stations, significantly contributing to rural economic infrastructure.

Visionary Leadership of Chandrababu Naidu Drove Technological Transformation

The Minister lauded visionary leader and current Chief Minister Sri N. Chandrababu Naidu for pioneering technological reforms in the state. He noted that Andhra Pradesh was the first state in the country to computerize PACS under Naidu’s leadership, addressing past concerns of lack of accountability and record-keeping that once plagued the sector. He emphasized that with commercial banks fully computerized, there was no reason for the cooperative sector to lag behind. With strong support from the Central Government, APCOB led the initiative, and now auditing is underway, paving the way for online transactions and fresh membership enrollments in DCCBs and PACS. He urged that every tenant farmer should be registered as a member of the society to ensure their eligibility and access to benefits.

Empowering Women Through DWCRA Integration

The Minister pointed out that under CM Chandrababu Naidu’s leadership, the DWCRA model was introduced to provide economic empowerment to women, and it has grown into a national example of success. Today, nearly one crore women are engaged in cooperative transactions amounting to ₹42,000 crores. However, most of these are routed through private banks. He assured that plans will be formulated in coordination with the Chief Minister to ensure such transactions are processed via APCOB and its affiliates, making loans available at lower interest rates than private banks. Calling for collective action, the Minister urged all stakeholders to work together to take the cooperative sector forward. He reiterated that APCOB’s services are vital for the state’s progress and hoped the institution reaches greater heights in the future. The event witnessed participation from APCOB Chairman Sri G. Veeranjaneyulu, Special Chief Secretary Sri B. Rajasekhar, RCS Sri Amar Babu, APCOB MD Sri Srinath Reddy, NABARD CGM Sri Gopal, DCCB Chairpersons, PACS leaders, staff, and other dignitaries.