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The city based Kanakamahalakshmi Urban Co-operative Bank aims at providing quality services to its customers by using technology and is fast expanding its branch network, according to its Chairman, Mr P. Raghunadha Rao.
He was speaking here on Friday after the inauguration of its eighth branch, the second in the city.
He said the bank, established 13 years ago, had mobilised deposits to the extent of Rs 125 crore and by the end of the financial year, it would rise to Rs 200 crore. Advances at present amounted to Rs 100 crore.
The Chairman said: “Though we are a small bank, we are offering to the customer all the services provided by the bigger banks except foreign exchange transactions. We are also shortly introducing ATMs. We have introduced core banking solutions. We are expending Rs 25 lakh on technology alone in each branch.’’
Non-performing assets of the bank stood at only 0.31 per cent and the reserves amounted to Rs 9.08 crores, he added.
The bank has its presence in Visakhapatnam (five branches) and West Godavari (three branches) districts of Andhra Pradesh.
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