VizagNews.com - Visakhapatnam Cooperative Urban Bank targets for Rs.500 crores

Visakhapatnam, November 14, 2005

The Visakhapatnam Cooperative Urban Bank has set up a business target of Rs.500 crores to be achieved by September 2007 according to its Chairman Manam Anjaneyulu. He was participating in a convention organized to mark the Cooperation Month at the banks branch at Marripalem on Sunday. Speaking at the program, he said that the bank ranked at the second position in the State.

He said while the bank, which stood first in the State, had Rs.340 crores of deposits in 30 branches, the Visakhapatnam Cooperative Bank had deposits of Rs. 240 crores in 10 branches.

The bank was the first in the State in respect of share capital amount. The Marripalem branch at present had Rs.13.81 crores in deposits and Rs.9.1 crores as advances and with the targets to increase the deposits and advances to Rs.14.5 and 9.75 crores respectively by the end of this financial year.

Statistics show that Andhra Pradesh has over 155 co-operative urban banks with 174 branches and a customer base of 1.46 million. They have share capital base of Rs 1.03 billion and working capital of Rs 35.69 billion. These banks had deposits of Rs 33.77 billion and advances of Rs 21.03 billion at the end of 1999-2000 financial year.

The Co-operative Banking sector in general was hard hit when customers began thinking twice to put their money in co-operative banks, particularly after incidents such as Krushi Co-operative Urban Bank and the Charminar Bank having closed their door keeping their depositors in black.

The city-based The Visakhapatnam Cooperative Bank, however, had a different story. The bank, with its expertise in managing money backed with good management won the hearts of depositors in Vizagities and is aiming high.

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