VCB eyeing a turnover of Rs.8,000 crore in 2024-25
Visakhapatnam Central Cooperative Bank Limited (VCB), which was set up on February 5, 1916, has set a target of Rs.8,000-crore turnover during 2024-25
image for illustrative purpose
Visakhapatnam: Visakhapatnam Central Cooperative Bank Limited (VCB), which was set up on February 5, 1916, has set a target of Rs.8,000-crore turnover during 2024-25.
The multi-State cooperative bank with 47 branches in Andhra Pradesh and four in Hyderabad (Telangana) ranks fourth in share capital among 1502 urban cooperative banks in India. The bank stands third in average profit on employees, 10th in interest income and net profit and tops among all banks in the cost of deposit by offering highest interest to the depositors.
VCB clocked an all-time high high turnover of Rs.7,347 crore during 2023-24 as against Rs.2.91 crore in 1984-85.
With its 1.04 lakh share-holders with a cap of not more than Rs.2 lakh shareholding by any member, the bank expects scheduled bank status after inspection by RBI anytime after August. "The secret of our success is running the bank in a sound-footing upholding true cooperative spirit," VCB Chairman Ch. Raghavendra Rao, told the media on Saturday. He said RBI due to pandemic and other reasons had not given scheduled bank status to anyone for the past several years.
Rao said the bank is offering an interest rate of 4.5% on saving bank accounts based on quarterly calculation on daily balance. Loans against immovable property mortgages for housing construction, repairs, purchase of motor vehicles, marriages, children education, small scale industries and traders are being encouraged. He said loans to MSMEs are given at 10% to 11%. Daily instalment loan scheme is also given to facilitate the borrowers and small traders. The bank functions even on Sundays from 9 a.m. to 1 p.m.
Bank's CEO P.V. Narasimha Murthy, former Emeritus Chairman Manam Anjaneyulu, Directors J.V. Satyanarayana Murthy, A.J. Stalin and others were present.
