K’taka Minister highlights role ofcoop sector in economic growth

Karnataka Minister of Law, Parliamentary Affairs, and Legislation, HK Patil, emphasized the vital role of the cooperative sector in the country’s economic growth and development. He spoke at a congratulatory meeting held for Manam Anjaneyulu, an icon of the cooperative movement and former chairman of the Visakhapatnam Cooperative Bank, at MBVK Bhavan in Vijayawada on Saturday.
As the chief guest of the programme, Minister Patil praised Manam Anjaneyulu for his relentless efforts in advancing the cooperative sector and banks. He noted that the Reserve Bank of India (RBI) has not been supportive of urban cooperative banks.
He urged all urban cooperative banks in Andhra Pradesh to take membership in the National Federation of Cooperative Urban Banks and Credit Societies Limited (NAFCUB) and called for the establishment of at least 100 more cooperative banks in the state. “A comprehensive plan should be prepared to strengthen the cooperative sector,” he advised.
The minister also suggested that loans should be sanctioned to farmers to support their livelihoods. Manam Anjaneyulu added that the primary aim of the cooperative sector is to enhance people’s livelihoods, stressing that banks should focus on bringing about societal change rather than pursuing purely business goals. He mentioned that there are currently 45 urban banks operating across the state, with a total of 245 branches.