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Updated: April 9, 2013 15:29 IST

VCB achieves growth rate of 26.61 per cent, says chairman

Special Correspondent
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Visakhapatnam Co-operative Bank Chairman Manam Anjaneyuluk addressing a press conference in Visakhapatnam on Monday. Photo: C. V. Subrahmanyam
The Hindu Visakhapatnam Co-operative Bank Chairman Manam Anjaneyuluk addressing a press conference in Visakhapatnam on Monday. Photo: C. V. Subrahmanyam

RBI clearance to open two branches in city is awaited.

Visakhapatnam Co-operative Bank (VCB) has not only retained its status as the biggest cooperative bank in Andhra Pradesh with regard to deposits and advances but also recorded an impressive growth rate of 26.61 per cent in mobilising deposits during just-concluded financial year.

Dwelling on achievements of the bank during 2012-13, VCB Chairman Manam Anjaneyulu told reporters on Monday that they had achieved a ‘trend-setting’ growth rate at a time when the scheduled commercial banks and foreign banks had not exceeded a growth rate of 14 per cent.

Giving credit to small investors for the spectacular performance of the bank, he said their deposits stood at Rs.1,533.24 crore as against loans of Rs.1,103.65 crore.

He said the bank had a net worth of Rs.102.61 crore and reserves of Rs.77.87 crore. It has a share capital of Rs.67.18 crore.

The bank achieved zero per cent NPA levels (gross) at 14 of its branches and less than one per cent at 11 of its branches.

There were only two branches where the NPA levels were more than one per cent and the reason being cited was due to the branches of erstwhile Bobbilli Cooperative Bank Ltd which were merged with VCB. The process was on to make the sick units viable, he stated.

Core banking solutions

Mr. Anjaneyulu, a former MLA, said the bank with 28 branches had set in motion an exercise to introduce core banking solutions (CBS) by June 2013 as per RBI guidelines.

The bank opened branches at Vizianagaram, Eluru, Palasa and Nellore during 2012-13 and has obtained sanction from RBI to set up branches at Daba Gardens and Kancharapalem in the city, Gannavaram near Vijayawada and Bheemunipatnam this year. RBI clearance to open branches at Machilipatnam, Kakinada and Pithapuram is awaited.

The bank is doing well in insurance business for automobiles, immovable properties and accidental insurance. It has also forayed into foreign exchange business.

Mr. Anjaneyulu said the bank, once it introduces CBS, would be in a position to compete all other banks by providing services like ATMs, anywhere banking, National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).

VCB CEO P.V. Narasimha Murthy, Executive Director Ch. Raghavendra Rao,Vice-Chairman G. Bhaskar Rao, directors A.J. StalinK. Bhavani, T. Padmavathi and others were present.

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