Posted: Updated – Fri, 11/18/22 at 5:28pm
Sangaredy: District Cooperative Central Bank Bhd (DCCB) Medak has become the second bank to launch Unified Payments Interface (UPI) transactions in Telangana after the former Karimnagar DCCB.
Telangana State Cooperative Apex Bank Limited (TSCAB) MD Nethi Muralidhar launched the UPI service at DCCB Medak headquarters in Sangareddy on Friday along with National Agriculture and Rural Development Bank (NABARD) Chief General Manager Susheela Chinthala, who said DCCB Medak has already passed to the nation’s top level of cooperation. Karimnagar DCCB, one of the banks, is offering stiff competition and it is going well.
TSCAB MD said Medak DCCB is returning a portion of the interest amount to self-help groups (SHGs), which is forcing other competent banks in the region to lower their rates. On many indicators, Muralidhar said the progress of DCCB-Medak was better than other DCCBs in the state. He advised bank management to follow all the guidelines of the Reserve Bank of India (RBI). MD TSCAB said Medak Bank is well positioned to support the dairy industry by providing discretionary loans to dairy farmers.
DCCB chairman Chitti Devendar Reddy said the bank has Rs 3.37 lakh savings bank account holders in addition to 2,440 current account holders. With the popularity of online payment in daily life, the chairman said that they have decided to provide UPI services to customers. Devendar Reddy appeals to all clients to take advantage of this opportunity to make transactions easy. The bank’s CEO M Srinivas said all account holders can easily make payments via Google Pay, Paytm, Phone Pay, etc. Bank directors and others attended.
