VCB sets a new target for business turnover

Visakhapatnam : Visakhapatnam Central Cooperative Bank Limited (VCB) has set a target of Rs 8,000 crore business turnover during 2024-25, stated VCB Chairman Ch Raghavendra Rao.

Speaking at a media conference held at the bank’s headquarters on Saturday, he said that for the financial year 2023-24, the target of Rs 7,350 crore was achieved.

The chairman mentioned that it is one of the largest cooperative urban banks in India with 1.04 lakh members by 2024 and has a share capital of Rs 352.61 crore.

He said that the bank has been operating for the past 109 years and widely appreciated by the people. The bank is recognised as the largest non-scheduled cooperative bank in the country, he added.

Further, Raghavendra Rao informed that the bank members have free life insurance. Up to four percent discount is being given to borrowers who have paid their loans properly, he said.

In the last financial year, 2,596 bank members and their family members availed welfare schemes worth Rs.5.51 crore, he informed. Speaking about the branches, the chairman informed that the 51st branch was established in Sheelanagar on June 20 as part of the bank’s goal of setting up five new branches this year. He said that the bank has its own buildings in 14 places and that a profit of Rs.87.79 crore was achieved for the financial year 2023-24.

The bank has about Rs 4,148 crore deposits and Rs 3,199 crore of loans were given to the members, he said, adding that the bank earned a net profit of Rs 87.79 crore in the financial year.

Bank CEO PV Narasimha Murthy, former Emeritus chairman Manam Anjaneyulu, directors JV Satyanarayana Murthy and AJ Stalin were present.