Jampeta Cooperative Bank gets RBI licence

Staff Reporter

Plans to open three new branches in Rajahmundry

It is one of the oldest cooperative banks in RajahmundryCooperative bank has deposits totalling to Rs. 16.74 crores

Rajahmundry: The Jampeta Cooperative Bank, which is one of the oldest cooperative banks in Rajahmundry, has got permanent licence from the Reserve Bank of India (RBI) and is planning to open three new branches in the city.

Announcing this at a press conference here on Friday, Chairman of the Bank Bommana Raja Kumar along with Vice-Chairman Kalepu Satyanarayana and Chief Executive Officer K. Subrahmanyam, said the bank had deposits of Rs. 16.74 crores and it had brought down the Non-Performing Assets to 1.81 per cent.


He said the bank was going to start new branches at V.L. Puram, Tadithota and one either at Dhawaleswaram or Katheru.

Mr. Raja Kumar said the bank had made Rs. 39 lakhs profit during 2004-05 out of which it would pay a dividend of 15 per cent. He said they had renovated the bank's main branch premises in Jampeta with new strong room, safe deposit lockers and had made transactions online.

Insurance scheme

Mr. Raja Kumar said they introduced a unique scheme that entails account holder, who takes loan from the bank, to be covered under the Janata Personal Accident Insurance scheme.

If in any case the person dies in an accident, the loan amount would be waived off and also the family members of the deceased would be paid the insurance amount.

The directors of the bank also promised to improve the bank in terms of deposits, safety and security of investments.

Recommended for you