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Hans India
2 days ago
- Politics
- Hans India
‘Anam' a remarkable political personality: Ponguru
Nellore: Describing former Minister Anam Venkata Reddy as a remarkable political personality, MA&UD Minister P Narayana has lauded that the role of Anam family is different in Nellore politics. On Sunday, he unveiled the statue of late Anam Venkata Reddy at Ramalingapuram center in the city. Addressing the gathering, the Minister said Anam family has been running politics for the last four decades in the district. He recalled that he studied in VR High School and VR College and later worked as a lecturer in the same educational institutions. Narayana said that this is fourth generation from Anam family in the politics in the district. Later Anam Venkata Reddy rendered selfless service to the public as Nellore District Cooperative Central Bank chief and Minister for several years. Nellore MP Vemireddy Prabhakar Reddy has lauded that the role of Anam Venkata Reddy was most crucial in bringing irrigation projects like Somasila, Gandipalem Rallapadu for the benefit farming community in the district. He said that he felt fortunate to unveil the statue of Anam Venkata Reddy, who had run diplomatic politics as NDCCB chairman and irrigation minister. Endowments Minsiter Anam Ramanarayana Reddy said that he feels proud for belonging to Anam family, which has been in public service for the last four decades. He recalled that his father Anam Venkata Reddy had played crucial role in 'Jai Andhra Movement' to keep Andhra Pradesh united. 'My father was responsible for promoting several upcoming leaders occupied higher positions in politics,' he added. On this occasion, six vehicles were provided to six police stations in Atmakur constituency in the memory of Anam Venkata Reddy. MLAs Kotamreddy Sridhar Reddy, Dagumati Venkatakrishna Reddy, Inturu Nageswara Rao, Kakarla Suresh, and Pasem Sunil Kumar, ZP chairperson Anam Arunamma, NDCCB chairman Metturu Dhanunjaya Reddy and others were present.
Time of India
4 days ago
- Business
- Time of India
Rs400cr raised via bonds, MSCB plans loans to NDCCB, other district banks
Nagpur: Maharashtra State Cooperative Bank (MSCB), which has raised Rs400 crore as tier-2 capital through bonds issue, plans to seek additional time from the Reserve Bank of India ( RBI ) to raise another Rs100 crore. The ultimate plan is to lend part of the amount to the beleaguered Nagpur District Central Cooperative Bank (NDCCB), apart from funding other district-level cooperatives. The funds will be provided to NDCCB as a short-term loan to improve its liquidity. With its board of directors expelled, MSCB is itself run by an administrator — a veteran banker, Vidyadhar Anaskar. Last year, MSCB took over the management of NDCCB as an institutional consultant. This was the first-ever such arrangement in the state's cooperative sector. On Tuesday, the state govt also issued orders to appoint MSCB as the institutional consultant of Nashik District Central Cooperative Bank. MSCB is a part of the three-tier cooperative banking system in the state. Funds flow through MSCB to respective district central cooperative banks (DCCBs), from where they reach the primary agriculture cooperative societies at the village level. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "Now, the money raised by the bonds is planned to be deployed in assisting the DCCBs across the state," Anaskar told TOI. NDCCB has not been able to recover from the losses caused by an Rs150 crore investment scam two decades ago involving the then chairman and former Congress MLA from Saoner, Sunil Kedar. The losses had kept it under an administrator instead of an elected board of directors. Now, it's under the MSCB's control. MSCB replaced a cooperatives department officer as the administrator for NDCCB. Normally, an individual takes over as an administrator in a crisis-ridden cooperative bank. Anaskar told TOI that MSCB was able to raise Rs400 crore at 8.5% during the two-month window allowed by the RBI. The plan is to raise Rs500 crore in all, and the RBI will be approached to allow additional time. "MSCB has been able to raise funds at much more competitive rates compared to other cooperatives," he said. Anaskar said there are five to six crisis-ridden DCCBs in the state. These include the banks in Wardha, Nagpur and Buldhana in Vidarbha. "MSCB is keen to deploy the funds in these DCCBs," he said. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
