The Hindu : Andhra Pradesh / Visakhapatnam News : Kanakamahalakshmi coop bank in expansion mode

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Wednesday, Jul 08, 2009
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Andhra Pradesh

Andhra Pradesh - Visakhapatnam

Kanakamahalakshmi coop bank in expansion mode

Staff Reporter

It plans to acquire Palacole Coop Bank in West Godavari

VISAKHAPATNAM: The city-based Kanakamahalakshmi Co-operative Bank Ltd. has decided to acquire Palacole Cooperative Bank in West Godavari as part of its expansion drive.

The bank has set a target to achieve deposits of Rs.100 crores and disburse loans to the tune of Rs.70 crores by March 2011. Bank Chairman P. Raghunadha Rao told reporters on Tuesday that they would open the head office of Palacole Cooperative Bank and later would revive and relocate its branches at Bhimavaram, Eluru, Tanuku, Tadepalligudem and Jangareddygudem.

The bank in West Godavari has losses of over Rs.1 crore. “We will get Income Tax relief from our profit once we make those branches achieve a turnaround,” he said. He also clarified that those who were on payrolls would not be disturbed. Disclosing that the bank would open an ATM of its own in the city soon, Mr. Rao said they were very happy over their success during 10 years. “During these years, our focus was on stablisation. From next year onwards, we want to open two branches a year in the city and the district,” he stated.

The Kanakamahalakshmi Co-operative Bank, which has its branch at Akkayyapalem was set up on July 9, 1999. It has increased its share capital from Rs. 51.03 lakhs to Rs.3.10 crores, reserves Rs.3.59 lakhs to Rs.3.61 crores and deposits Rs.6.19 crores to Rs. 45.16 crores from March 31, 2000 to March 31, 2009.

Bank directors B. Nageswara Rao, M. Srirama Krishna and Chief Executive Officer K. Shyam Kishore were present at the press conference.

Visakhapatnam Port Chairman Ajeya Kallam will be the chief guest at the decennial celebrations being held on Thursday at Hotel Daspalla. IDBI Director K. Narasimha Murthy, Visakhapatnam Cooperative Bank Manam Anjaneyulu, Bhavana Rushi Cooperative Bank Chairman G. Rama Murthy, District Cooperative Officer G. Anantha Srinivas and others will speak.

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