RAJAMAHENDRAVARAM: The 46th branch of The Visakhapatnam Co-operative Bank Limited will be coming up in Rajamahendravaram. The co-operative bank branch will be inaugurated by RMC Commissioner V Vijaya Rama Raju at Danavaipeta on September 12.
Addressing a news conference here on Sunday, Chalasani Raghavendra Rao, chairman of the bank, highlighted the growth achieved by the century-old co-operative institution which was founded on February 5, 1916.
“Ours is the first co-operative bank having branches in all the 13 districts of Andhra Pradesh. It also has three branches in Hyderabad. The bank branch to be inaugurated in the cultural capital of AP on Tuesday, is the fifth in East Godavari district. The bank has figured in the list of top 20 among 1,574 co-operative urban banks in the country,” he said.
Explaining the financial position of the bank, he said: “In terms of collection of deposits, Visakhapatnam Co-operative Bank has stood 24th in the country. In extension of loans, it is in the 22nd place. We are in the sixth and 15th places with regard to shares and income and in profits also the bank is in the top position. Based on our good performance, we approached the Reserve Bank of India two years ago seeking scheduled bank status. Our bank is expected to get the scheduled bank status by next year.”
The special features of the bank include zero balance SB account, attractive interest rate on deposits, functioning of bank for half day even on Sundays and flexible timings convenient to all selections of customers, he said.
Manam Anjaneyulu, former chairman of the bank, CEO PV Narasimha Murthy, directors G Janardhana Rao and N Kama Raju were also present at the news conference.
Balance sheet
L2,560 cr
Total deposits
L1,840 cr
Advances as on
August 31, 2017
L6,000 cr
Business target by 2020
71,000
No. of shareholders
L22 lakh
Amount spent on CSR initiative