VIJAYAWADA: Krishna District Cooperative Central Bank (KDCC) has achieved a business turnover of Rs 6,980.52 crore during the current fiscal as against Rs 5,513.34 crore during 2018-19, Chairman Yarlagadda Venkata Rao said.In an interaction with mediapersons here on Monday, Venkata Rao said that the bank has also achieved 27.84 per cent growth rate by collecting Rs 650 crore through deposits since December 2019 after he took charge as the chairman of KDCC.
While 23.80 per cent growth achieved through loans outstanding by increasing it to Rs 4,287.95 crore from Rs 3,463.48 crore. “There has been a misconception among the public that KDCC only caters to the needs of farmers, but the bank is also offering various loans to the public at low interest rates when compared to the nationalised banks,” he said.
Highlighting the initiatives taken during 2020, Rao said that secured overdraft (SOD) was scrapped and Rs 29.7 crore scam was unearthed which took place in 2017. “So far, Rs 5.2 crore was recovered and we are contemplating handing over the case to CBI or CBCID to ascertain the facts and recover the amount,” he informed. When it comes to gold loans, three exclusive gold loan branches will be opened in the city by March 1 to offer loans at 71 paise interest rate to farmers, while it is 75 paise for general public.