Money & Banking

Kanaka Mahalakshmi co-op Bank to open 2 more branches

Our Bureau Visakhapatnam | Updated on August 04, 2013 Published on August 04, 2013

The Kanaka Mahalakshmi Co-operative Urban Bank here is opening two more branches - Jangareddygudem and Tanuku in West Godavari district - in the next three months, taking the total number of branches to 11, according to chairman P. Raghunadha Rao.

He was speaking at the annual general meeting of the urban co-operative bank here on Sunday.

He said the bank, set up here in 1999, had made rapid progress in the past 14 years.


He said dividend of 17 per cent was being declared for the year and the bank was making all efforts to improve the quality of service. Even ATMs would be set up soon to serve the customers better, he said and claimed that it was the first time for a co-operative bank to do so in the State.

New website

The website of the bank was also inaugurated on the occasion and M.V.V.S Murthy, the chairman of Gitam University, the chief guest on the occasion, praised the services of the co-operative bank to the public here and in West Godavari district. He expressed the hope it would extend its services to other districts in the State as well.

Credit-deposit ratio

The bank has deposits of Rs 167 crore and advances of Rs 123 crore, with investments of Rs 51.22 crore. Its share capital is Rs 7.81 crore and its net NPA is 1.89 per cent of the advances. Its reserves amount to Rs 8.50 crore.


Published on August 04, 2013
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