Visakhapatnam June 22 : The Visakhapatnam Cooperative Urban is one of the most profitable banks in the state, has earned a profit of Rs 87 crores for the year 2023?24.
Addressing a media conference here on Saturday, the Bank Chairman, Ch. Raghavendra Rao, said the bank currently operates as a multi-state cooperative urban bank with 51 branches, including 47 in Andhra Pradesh and four branches in Hyderabad (Telangana), and is planning to open four more branches in Andhra Pradesh at Chittoor, Bapatla, Narasaraopet, and Tadepalligudem by the end of this year.
The bank has opened its 51st branch recently at Sheelanagar in the city, he informed.
Although the RBI is encouraging cooperative banks to convert into small finance banks, the Visakhapatnam Cooperative Bank is adhering to its core values of cooperative principles and continuous as a cooperative bank,” he said.
Today, out of 1502 urban cooperative banks in the country, 51 banks have got scheduled statues, and when compared with them, Visakhapatnam Cooperative Bank is performing better in many aspects than most of those banks, he claimed.
Rao said that in 1984?85, the bank had a business of Rs. 2.91 crore, which reached Rs. 7342.54 crore by 2023?24. The bank, which had 3661 members in 1984?85 and a share capital of only Rs. nine lakhs, has become one of the largest cooperative banks in south India, with 1,04,865 members and a share capital of Rs. 352.61 crores in 2023?24, he informed.
The management is confident that the bank will get scheduled status by the end of this financial year, as it has all the qualifications, he added. (Agencies)
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