Increase NABARD refinance, says APCOB chief

APCOB Chairman Y. Vijayender Reddy wants the success of milk co-operatives to be replicated in the other areas like paddy, vegetables, fruits, etc eliminating middlemen.

Addressing the regional convention on co-operative sector organised here on Monday, he said farmers should get the required credit in full from Primary Agriculture Credit Societies (PACSs).

To provide funds, the NABARD refinance facility should be increased from 45 per cent to 70 per cent. He suggested that since government deposits were not parked in co-operatives, the shortfall in Rural Infrastructure Development Fund spending should be diverted to the co-operative sector.

Madugula MLA G. Rama Naidu pointed out that while urban banks were earning profits, rural co-operatives were in a bad shape. Their scale of finance should be increased and accountability fixed.

Additional Registrar (Co-operatives) P. Arjuna Rao, APCOB Managing Director M.S. Srirama Rao and chairmen of PACSs, co-operative societies spoke.

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