The Hindu Business Line : Kanakamahalakshmi bank aims for Rs 100-cr deposits

Kanakamahalakshmi Co-operative Bank here is taking over the Palacole Town Co-op Bank in West Godavari district, which is in losses, and turn it around in a year or two, according to Mr P. Raghunadha Rao, the Chairman.

At a press meet here on Tuesday, he said the bank was waiting for the final approval of the RBI for the takeover and “we will extend our operations to West Godavari as soon as we get it. The bank has at present two operating branches and four more which were under closure. We will re-open them all one after another.”

He said Kanakamahalakshmi Bank had at present one branch in the city and it would add two branches every year. “We have at present deposits of Rs 45.16 crore and Rs 35.26 crore in advances. By March, 2011, the deposits will rise to Rs 100 crore and advances to Rs 77 crore,” he added.

Mr Raghunadha Rao said some of the branches of the Palcole Co-op Bank would be relocated, as they were situated in places which did not have much potential. The net profit of the Kanakamahalakshmi Bank, he said, was Rs 75.32 lakh. The bank was also planning to set up ATMs.

The tenth anniversary of the bank will be celebrated here on Thursday.

More Stories on : Co-operatives | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Tax treatment weighs on new pension scheme

Inflation measures: Incomplete, irrelevant?

Core sector funding: Banks await details

Rupee a tad higher

StanChart Bank net profit rises

Bankers caution realtors against raising property prices

Borrowing costs for States to shoot up

Bonds continue to fall

Govt will not crowd out corporate borrowing

Karnataka Bank enters Bihar

Corp Bank opens branches

Banks seek six more months for NPA recast

‘More credit for small sector’

Call rate closes at 3.25-3.30%

Kanakamahalakshmi bank aims for Rs 100-cr deposits