The Visakhapatnam Co-operative Bank, ranked among the top 20 urban co-operative banks in the country out of 1,579 such banks, has declared a 15 per cent dividend for its shareholders, according to Chairman Ch. Raghavendra Rao.
He said at a press meet here on Monday that the decision was announced at the general body meeting on Sunday. He said the bank, which had celebrated its centenary, was rated among the top 20 urban co-operative banks in the country, with 42 branches in AP and Telangana and a total business of Rs 4,000 crore (Rs 2,402 crore in deposits and the rest in advances). The bank had applied to the RBI for scheduled status, he added.
He said the bank was setting up ATMs in the city for the convenience of customers and shareholders and three more branches would be opened in Andhra Pradesh soon. The bank aimed at crossing the 50-branch mark by 2020 and to enhance the total business volume to Rs 6,000 crore (Rs 3,500 crore in deposits and the rest in advances).
Rao said the bank was introducing a daily finance scheme for the benefit of petty vendors and others in the city in accordance with the norms of the RBI to save them from the clutches of money-lenders.
P.V Narasimha Murthy, the Chief Executive Officer, also participated.