Reconstitute of the Board of Sthree Nidhi Credit Cooperative Federation Limited – TS GO.No.6

Reconstitute of the Board of Sthree Nidhi Credit Cooperative Federation Limited: As per GO.No255,date: 19-08-2011, With a view to enhance credit flow to the rural poor SHGs, Government permitted SERP to participate in registration of an apex cooperative credit society formed & registered under Cooperative Act 1964 as a joint initiative of Government of AP

and the SHG Mandal Samakhyas (MSs) with the objective of making available affordable credit (at maximum interest rates of 15% p.a.) to the SHGs covering the credit gap in the emergency and higher-order financing needs of the SHG households.

As a part of the structure approved by Government, the Managing Director of the Institution shall be appointed with the concurrence of the Government; and there shall be at least 3 Government nominees on the Board. CEO SERP has proposed the names of a set of senior officials and professionals for being appointed on the Board of the Society which has been named as “Sthree Nidhi”.

In order to enhance credit flow to the rural poor Self Help Groups, the Government have permitted the Society for Elimination Rural Poverty (SERP) to participate in registration of an Apex Cooperative Credit Society to be formed and registered as a joint initiative of Government of Andhra Pradesh and the SHG Mandal Samakhyas (MSs) with the objective of making available affordable credit.

GOVERNMENT OF TELANGANA
RD – Sthree Nidhi – Reconstitute of the Board of Sthree Nidhi Credit Cooperative Federation Limited by appointing MD & (3) three Government nominee Directors – Orders – Issued.

PANCHAYAT RAJ & RURAL DEVELOPMENT (RD-I) DEPARTMENT
G.O.MS.No. 6. Dated:06-08-2014

Reference:

  1. G.O.Ms.No.255, PR&RD (RD.II) Dept., Dated:19.08.2011.
  2. G.O.Ms.No.285, PR&RD (RD.II) Dept., Dated:26.08.2011.
  3. G.O.Ms.No.441, PR&RD (RD.II) Dept., Dated:23.11.2013.
  4. Note from Chief Executive Officer, SERP, A.P., Hyderabad No./SN/ADMN/Bifurcation/Note No,542, Dated:16.06.2014.

ORDER:
In the reference 1st read above, the Govt., have permitted the Society for Elimination of Rural Poverty to participate in registration of an Apex Co-Operative Credit Society and registered as a joint initiative of Government of Andhra Pradesh and the SHG Mandal Samakhyas with the objective of making available affordable credit named as Sthree Nidhi Credit Cooperative Federation Ltd.

Subsequently, orders have been issued in the reference 2nd read above appointing a Managing Director, and Nominee Directors for a period of two years from the date of registration.

In the reference 3rd read above, orders have been issued for reappointing Sri G. Vidya Sagar Reddy, State Project Advisor, SERP, Hyderabad, as the Managing Director, and also extend the term of the following officials as Govt. nominee Directors on the Board of Sthree Nidhi Credit Cooperative Federation Limited, for a period of two (2) more years with effect from 07.09.2013.

a). Prl. Secretary to Government (RD), PR & RD Department, Government of A.P, Hyderabad
b). The Registrar of Co-operative Societies, A.P., Hyderabad
c). The Secretary to Government (W&P), Finance Department, A.P., Secretariat, Hyderabad.

In the reference 4th read above, the Chief Executive Officer, SERP, A.P., Hyderabad has submitted that, Sthree Nidhi has been bifurcated as per the State Reorganisation Act, 2014 and two States have two different units of Sthree Nidhi as on date.

He has further requested the Govt., to issue orders for reappointing the existing Managing Director as Managing Director, Sthree Nidhi, Telngana State for a period of 5 years and the other Nominee Directors of the Government in the Managing Committee of Sthree Nidhi.

Government, after careful examination of the matter hereby reappoint the existing MD Sri G. Vidya Sagar Reddy, State Project Advisor, SERP as Managing Director on the Board of Sthree Nidhi Credit Cooperative Federation Limited for the State of Telangana for a period of two years w.e.f 02.06.2014 with the following Government nominee Directors for a period of 5 years:-

a) Principal Secretary (RD), Government of Telangana.
b) The Spl. Secretary/Secretary, Finance Dept., Govt., of Telangana
c) Registrar of Co-operative Societies, Govt., of Telangana.

The terms & conditions specified in the GO 1st read above shall continue to be in vogue. A copy of this order is available on the Internet and can be accessed at the address: www..goir.Telangana.gov.in

Download the GO.No.6 from here

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