Telangana State Cooperative Apex Bank Chairman Konduru Ravinder Rao was unanimously elected as the new President of the apex body of state cooperative banks-Nafscob on Monday. Of the six Vice-Chairmen, two are newcomers.
Rao belongs to Telangana Rashtra Samithi and is believed to be a close associate of the state Chief Minister K Chandrashekar Rao. He replaced Dileepbhai Sanghani who relinquished office after becoming the Chairman of NCUI.
The election of the board of directors took place in the general meeting held on Tuesday in Mumbai. On the occasion six vice-chairmen were also elected unopposed.
In the list of six new Vice-Chairmen Uttarakhand State Cooperative Bank Dhan Singh Rawat and Mizoram State Cooperative Bank T Lalmuanpuii have been elected unanimously for the first time whereas Karnataka State Cooperative Bank Director K N Rajanna, Bihar State Cooperative Bank Chairman Ramesh Chaubey, Goa State Cooperative Bank Ulhas Desai, Himachal Pradesh State Cooperative Bank Khushi Ram Balnatah have been re-elected again.
“We will bring new reforms and make policies in the interest of PACCs. These societies are the pillar of cooperative movement and it will be a big challenge for us to strengthen them but we are ready to take up the challenge “, Konduru Ravinder Rao said to this correspondent during the election in Mumbai.
The apex bank board consists of 21 directors from several zones like southern, western, eastern, northern and other zones. Out of 21 seats of director 5 seats are still vacant which are likely to be filled in the next meeting. The term of the board will be five years.
NAFSCOB represents the cooperative banks of the country and tries to solve their practical issues with the regulator NABARD. Established in 1964 NAFSCOB is the apex body of co-operative banks.
