Collector calls for increased deposits to strengthen cooperative banks

District Collector Sumit Kumar on Monday called for a sustained drive to increase deposits in cooperative banks, saying stronger internal resources would reduce dependence on external funding agencies and enable timely credit support to farmers.

Addressing the Cooperative Week celebrations at the District Cooperative Central Bank (DCCB) here, the Collector launched mobile ATM vehicles, hoisted the cooperative flag, planted saplings, and reviewed the performance of the cooperative banking sector with DCCB Chairman Amasa Rajasekhar Reddy, officials, and representatives of cooperative societies.

Mr. Sumit Kumar said that while the DCCB accounts for only 3.20% of the district’s total bank deposits, it contributes 5.25% of total loan disbursements, forcing it to rely on agencies such as the State Cooperative Bank and NABARD for lending resources. “Increasing deposits will strengthen the bank’s financial autonomy and improve credit delivery,” the Collector said.

The Collector highlighted the importance of transparency, financial discipline, efficient loan recovery, and control of non-performing assets to reinforce public confidence in the cooperative banking sector. “Nearly three lakh families in Chittoor depend on cooperative credit for their livelihoods, making a robust cooperative system essential for rural development,” Mr. Sumit Kumar said.

Later, the Collector, along with the DCCB Chairman, distributed dividend cheques worth ₹3.51 crore to 71 cooperative societies during the programme, and administered the “Sahkar Se Samriddhi” pledge to the shareholders.