Jagan Reddy govt to set up NBFC called AP State Financial Services

Source :SIFY
Author :SIFY
Last Updated: Wed, Feb 12th, 2020, 16:53:17hrs
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Andhra Pradesh: The Andhra Pradesh cabinet's latest decision announced on Wednesday will see the state setting up a Non-Banking Financial Corporation (NBFC) called AP State Financial Services to render several economic services to the state. The move was announced by Information and Public Relations Minister Perni Venkataramaiah (Nani).


Modalities of the proposed company are expected soon while the minister was quoted as saying "We have just taken a decision to establish the APSFSL. We will come out with other details soon."

The move was announced along side setting up of two more entities to ensure better and effective services to various sectors including Agriculture. The two other entities namely AP State Agriculture Council and AP Green Energy Corporation Ltd.

The Agriculture Council is expected to be a supervisory body over the agriculture and horticulture universities and colleges in the state. The minister added that the Green Energy Corporation would undertake generation of 10,000 MW solar power in the state.

The expenditure of a staggering Rs 35,000 crore to Rs 40,000 crore would be incurred on setting up the solar plants and power generation. "With this we hope to get about 45 million units of power for our state's growing requirements, particularly the agriculture sector.

The state is spending Rs 8,300 crore on supplying power free of cost to the farm sector while another Rs 1,500 crore is extended as subsidy to lift irrigation schemes," the minister pointed out. In another crucial decision, the Cabinet decided to amend the Panchayat Raj Act, to usher in reforms in the elections to local bodies.

According to the amendments proposed, anyone found guilty of distributing liquor and cash in rural local bodies election would face disqualification. Besides, they could face a jail term of three years.

This would be applicable in the case of elections to urban local bodies as well. Duration of campaigning would also be restricted to five days and the poll process would be completed in 13 days from the day of notification, the minister said.

The proposed amendment to the PR Act also makes it mandatory for a (panchayat) sarpanch to reside in the same village.