The Income Tax Department, Telangana, has honoured cooperative banks in the state for demonstrating best compliance practices in the filing of Statements of Financial Transactions (SFT) for the financial year 2024-25.
The recognition was conferred at a function held in Hyderabad on Friday. The awards were presented by Suresh Bathini, IRS, Principal Chief Commissioner of Income Tax (Andhra Pradesh & Telangana), along with L. V. Bhaskara Reddy, IRS, Director of Income Tax (I&CI), Hyderabad, and P. Shankar Pandit, IRS, Additional Director of Income Tax.
The awardees included the Gayatri Co-operative Urban Bank Ltd, AP Mahesh Co-operative Urban Bank, Adarsh Co-operative Urban Bank Ltd, Telangana Gramin Bank, and Medak District Co-operative Central Bank.
On behalf of Gayatri Co-operative Urban Bank, Chief Executive Officer Vanamala Srinivas received the award, while G. Madan Gopal Swamy, Chairman of Adarsh Co-operative Urban Bank, accepted the honour on behalf of his bank.
The awards recognise the efforts of these institutions in ensuring timely and accurate reporting of financial transactions in accordance with regulatory requirements. The initiative is expected to encourage banks to further strengthen compliance standards and adopt best practices in regulatory reporting.