Hyderabad, Oct 23 (UNI) Lok Sabha Speaker OM Birla on Wednesday evening said that the cooperative movement in the country achieved economic progress and making rural people ‘self-reliant’.
After inaugurating Mahesh Bank’s state-of-the- art corporate office situated at the posh locality of Banjara hills here, Mr Birla said the cooperative movement also benefited to the people to get loans at low interest rate against taking highest interest rates from land lords earlier.
Congratulating AP Mahesh Co-operative Urban Bank Limited, the multi-state scheduled bank, for maintaining ‘ zero per cent net NPAs’, he said it was possible only because of the dedication of the bank directors.
Union Minister of state for Home Affairs, G Kishan Reddy said that the ongoing trade battle between the United States and China has led to world wide economic slowdown and this has had its effect on the Indian economy too. But, the Indian government led by Prime Minister Narendra Modi has been taking effective and bold steps to revitalise the economy.
He said the government has eased norms for issuing loans and has also provided relief in income tax slabs to benefit large sections of people to reinvigorate the economy.
Himachal Pradesh Governor Bandaru Dattatreya said the bank which crossed Rs 4,000 mark turnover , would become “ role model’ among the Urban cooperative banks.
He also congratulated the bank management and staff for achieving mile stone in revenues and zero net NPAs.
RBI Regional Director (Ap and Telangana) Subrata Das said that 51 Cooperative urban banks in Telangana state and Mahesh Bank has made more than 30 per cent on the total business in the state.
In his address, Bank Chairman Purshotamdas Mandhana said the corporate office was constructed with all ultra-modern facilities in 84,000 sft space and the bank currently has operations in four states – Telangana, Andhra Pradesh, Maharashtra and Rajasthan – in the country.
Announcing one month salary to the staff as incentive on the occasion, he said the bank is all set to cross Rs 4,300 crore mark in the current financial year.
The bank is also set to make its foray into the fifth state – Gujarat shortly and it has 45 branches with 38 in the home state of Telangana and two in Rajasthan and one branch in Mumbai, the Chairman added.
Telangana State Ministers Mohd.Mahmood Ali and Niranjan Reddy , Mahesh Bank Managing Director and CEO Umesh Chand Asawa, Emeritus Chairman Ramesh Kumar Bung among others present on the occasion.
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