Visakhapatnam Urban Co-operative Bank has crossed the Rs 1,000-crore mark in business turnover. The bank has Rs 594 crore in deposits and the rest in advances.
Addressing reporters at a press meet, Chairman, Mr M. Anjaneyulu, said that it was the first non-scheduled urban co-operative bank to do so in the State. He said, “We have 16 branches in four districts and we plan to set up two more branches, one at Madhurawada and the other at Chodavaram in Vizag district.”
He added that the bank was confident of achieving a target of Rs. 3000 crore business turnover by 2016, the centenary year. He mentioned that the RBI had given permission to the bank to extend its operations to the entire state. “We are planning to set up a branch at Kukatpally in Hyderabad as it is the State capital at present. However, if a separate Andhra is formed, we will have a branch, wherever the capital is located,” he said.
Mr Anjaneyulu also said the bank was contemplating taking over the ailing Ongole Town Co-operative Bank, as it was a fundamentally sound bank, though it had suffered due to mismanagement.