Warangal District Cooperative Bank Chairman Marneni Ravindar Rao has been elected as the Chairman of Telangana State Cooperative Bank in place of K Ravindra Rao who resigned earlier.
Hyderabad DCCB President K Sathaiah has been elected as the Vice-Chairman in an election held on Monday at the bank’s headquarters.
The terms of new Chairman and Vice-Chairman will continue till February 2025.
It bears recalling that the Chairman and Vice-Chairman posts have fallen vacant as K Ravinder Rao and Vice-Chairman Mahender Reddy gave their resignations earlier this week.
Readers would recall that despite pressure from the ruling Congress in Telangana to join their party and retain his position, Rao declined and stepped down.
During the election of Chairman and Vice-Chairman, K Ravinder Rao was not present because he is in abroad. Mahender Reddy was also conspicuous by his absence.
It is gathered that out of nine directors on the board of Telangana State Cooperative Bank, seven were against his continuation, which forced K Ravinder Rao to resign from the position. These seven directors were earlier associated with the BRS party but have now shifted to the Congress.
Telangana State Cooperative Bank has a business mix of nearly 12k crore and earned a net profit of Rs 63.08 crore as of 31st March 2024.
