Padma of Srikalahasti, who heads a 40-member women’s group, got financial assistance from the Andhra Pradesh Brahmin Cooperative Credit Society (ABCCS) for preparing eatables like vadiyalu and ariselu. Today, her Brahmana Bazar is one of the busiest outlets in the weekly shandy. Naga Kalyani of Tirupati, who was making ends meet till recently by stitching clothes, formed a group, took loan and bought three sewing machines. Her hands are full today with orders flowing in.
These are just two instances of the credit society (bank) bettering lives of the poor members of the community in Chittoor district. These loans were processed from the society’s Vijayawada head office.
Banking services
After Rajam (Srikakulam), Kakinada, Eluru, Nellore, Madanapalle etc., the eighth satellite branch of the society is all set for launch in Tirupati on Monday, where the society banks on the huge community base and eyes it as a potential customer base.
“The cooperative society falls just short of being called a bank on technical grounds, but it is on as solid ground as any cooperative bank is,” says its vice-president Chitrapu Swarajyalakshmi. The corporation has recruited qualified staff for its branch operations and has senior bankers on its advisory panel.
Engine for growth
The State government’s idea is to socially and economically empower the Brahmin community, which comprises mostly of poor and middle income groups that seldom get attention, she adds. As a commerce lecturer and retired principal of the Sri Padmavathi Women’s College, Dr. Swarajyalakshmi herself is a specialist in management of cooperative enterprises and customer service in commercial banks.
The Mitta Street premises in the heart of the city is as chic as any corporate bank. Be it deposits or advances, the interest rates are competitively priced and slightly attractive than peer banks.
Minister for Industries N. Amarnatha Reddy and A.P. Brahmin Welfare Corporation Chairman Vemuri Anand Surya will formally inaugurate the branch on Monday.