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Visakhapatnam, September 25 2005

The Annual General Body Meeting of the Visakhapatnam Co operative Bank Limited has resolved to pay a dividend of 10 per cent on share capital to shareholders for the financial year 2004-05. The total dividend amount to be paid will come to Rs.1.14 crores. The meeting, presided over by Bank’s Chairman, Manam Anjaneyulu, passed a resolution requesting the State Government and RBI to extend insurance cover for the entire deposit amount doing away with the ceiling of Rs.1 lakh. It also wanted a reduction of premium rates. The share capital limit in the bank has been raised to Rs.75, 000. According to which each member should have a deposit of Rs.40, 000.

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