VCB aims to handle financial transactions of Rs 7,500 cr for FY

Visakhapatnam: Chairman of the Visakhapatnam Cooperative Bank Ltd (VCB) Chalasani Raghavendra Rao has stated that the bank aims to handle financial transactions of Rs 7,500 crore for the financial year of 2022-23.

Speaking at a press conference at the bank's headquarters in Visakhapatnam on Tuesday, Raghavendra Rao said with Visakhapatnam as its headquarters, the bank has 46 branches in Andhra Pradesh and four in Hyderabad, Telangana with a total of 50 branches as a multi-state co-operative urban bank.

From Rs 2.91 crore in 1984-85, the chairman added, the bank's operations reached Rs 6,799 crore by 2021-22.

With 92,200 members, the bank has established itself as the largest urban co-operative bank in South India with a share capital of Rs 272 crore, Raghavendra Rao informed.

Further, he mentioned that during the financial year, the bank disbursed Rs 6.62 crore to 2,625 members through welfare schemes, the highest in the bank's history.

He opined that the commitment of the governing body and adherence to the principles and commitment paved the way for the progress of the organisation.

VCB chairman emeritus Manam Anjaneyulu, senior vice president Gudivada Bhaskara Rao, directors AJ Stalin, Kaki Bhavani, S Janaki Ramachandra Raju, Uppalapati Parvatidevi, CH Adinarayana Shastri, chief executive officer PV Narasimha Murthy and general manager AV Ramakrishna Rao were present.