HYDERABAD: Minister of State for Home Affairs G Kishan Reddy on Wednesday said that the Central government was taking all possible steps to deal with the global economic slowdown.

Speaking at the inauguration of AP Mahesh Co-Op Urban Bank’s new facility in Banjara Hills, Reddy said, "There is an economic slowdown in the world. There is a trade war going on between the United States and China at the moment. But the Central government is trying to mitigate the slowdown process by announcing packages for the banking sector."

Also present at the event was Lok Sabha speaker Om Birla. While congratulating AP Mahesh Co-Op Urban Bank, Birla recounted the role cooperative banks played in the country’s development. "Earlier, farmers used to take money from lenders and zamindars at exorbitant rates. They were constantly exploited by these men. However, after independence, the cooperative bank movement uplifted our farmers through its affordable rates," he said.

RBI regional director Subrata Das, who was also present at the event, pointed out that the AP Mahesh Co-Op bank controlled 30 per cent of the business in the cooperative bank sector. "Cooperative banks have a lot of responsibility. Even as a cooperative bank expands, it has to amp up on its responsibility at the same time — especially since you control 30 per cent of the business in cooperative sector," he said.

Established in 1978, Mahesh bank has notched a turnover of Rs 4,000 crore in the previous financial year and is all set to cross Rs 4,300 crore in the current financial year. Other dignitaries who were present at the event were Himachal Pradesh governor Bandaru Dattatreya, State Minister for Home Mohammed Mahmood Ali, State Minister for Agriculture and Cooperation Niranjan Reddy and others.