Visakhapatnam Cooperative Bank, one of the oldest cooperative banks in the country formed a century ago, has declared a dividend of 15 per cent this year.
After the AGM meeting, it was resolved to pay Rs.18.67 crore towards dividend to 60,177 eligible members as on March 31, 2016.
The meeting, among other things, resolved to return an incentive of four per cent of the interest paid by borrowers who are prompt in repayment without default. As part of providing speedy service to the customers, the bank will start ATM services from October 1, the first among few cooperative banks in the country from its head office, main branch at Kotha Road and Madhurawada. Preparations are on to extend ATM to all 42 branches in phases. Bank’s Emeritus Chairman Manam Anjaneyulu, Chairman Ch. Raghavendra Rao and CEO P.V. Narasimha Murthy told reporters on Monday that the bank would increase its branch network to 50 with at least one branch at all the district headquarters and raise its turnover from Rs.4,000 crore to Rs.6,000 crore by 2020.
Mr. Anjaneyulu said they were expecting scheduled bank status shortly. As on today, the bank has 39 branches in 11 out of 13 districts of Andhra Pradesh and three branches in Hyderabad (TS). It has received permission from RBI to open three more branches – one each in Mangalagiri, Kurnool and Anantapur. He said in the last 33 years the bank crossed several milestones. “Mainly its crossing Rs.4,000 crore of financial transactions is a testimony to confidence and faith people have in this organisation,” he said.
