The Federation of Andhra Pradesh Urban Co-operative Banks and Credit Societies Limited, set up last month, has provided Rs110 lakh financial assistance to three urban co-operative banks in the state.
The society formed by some urban co-operative banks in the state is the first-of-kind in the country.
It is to provide financial assistance to urban banks to overcome unexpected financial crises, without depending on the government assistance, Manam Anjaneyulu, the chairman of the Federation of Andhra Pradesh urban co-operative banks and Credit Societies Limited and president of the Andhra Pradesh Urban and Town Co-operative Banks Limited, told Business Standard.
Thirteen co-operative banks and five credit societies have already taken membership of the society and contributed Rs 80 lakh as authorized share capital.
