Money & Banking

Visakha Co-op Bank aims at ₹6,000-cr business by FY20-end

Our Bureau Visakhapatnam | Updated on September 17, 2019 Published on September 17, 2019

The Visakhapatnam Co-operative Bank Limited, one of the leading urban banks in the south, is aiming at a business volume of ₹6,000 crore by the end of the current financial year, according to Chairman Ch. Raghavendra Rao.

He said on Tuesday that at present the bank's deposits amounted to ₹3,235.84 crore and advances ₹2,224.63 crore, with a total number of 50 branches in Andhra Pradesh and Telangana. The share capital amounted to ₹225 crore, with the number of members being at 84,699.

He said, "Ours is one of the oldest urban co-operative banks in the country, with a history of 104 years, and we now have 46 branches in the 13 districts of Andhra Pradesh and four in Hyderabad in Telangana. We are making all services available to the customers on par with commercial banks. From October, we will provide banking services to customers above 80 years of age at their doorstep."

He said the bank had earned a profit of ₹37.23 crore during the year 2018-19 and declared a dividend of 12 per cent. The bank is awaiting clearance from the RBI for adding 12 more branches in the State, he added.

M Anjaneyulu, the Chairman Emeritus of the bank, said the recent move of the Centre to merge banks would result in a large-scale disruption in the banking industry, and closure of many branches in the name of rationalisation. It did not augur well for the sector, especially at a time when the economy was passing through the recession, he added.

Published on September 17, 2019
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