The Visakhapatnam Cooperative Bank (VCB) has set an ambitious target of increasing its turnover to ₹5,000 crore and pursue with the Reserve Bank of India (RBI) for the grant of scheduled bank status during the current financial year.
“Set up in 1916, VCB is a multi-State cooperative urban bank. We have been pursuing our application seeking the scheduled bank status for the past three years, but to no avail. No reason is being cited for the dilly-dallying,” VCB Chairman Ch. Raghavendra Rao told the media here on Wednesday, ahead of the bank’s annual general meeting scheduled to be held on September 16.
VCB Chairman Emeritus Manam Anjaneyulu and CEO P.V. Narasimha Murthy were present.
“Be it private, government or cooperative sector, the State has no scheduled bank with the headquarters, post-bifurcation. The VCB has 50 branches with the latest unit opened at Dilsukhnagar of Hyderabad. It’s the largest non-scheduled bank in South India,” Mr. Raghavendra Rao said.
The Chairman further said they had recorded an increase in the deposit by 7.88% as against the 6% by commercial banks.
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Similarly, the advances went up by 13.41% as against 10% for commercial banks. The bank had a deposits amounting to ₹200 crore . The overall deposits and advances are cumulatively put at ₹4,700 crore, he added.
Giving more details, he said the VCB is also credited with reducing non-performing asset ratio from 1.89% to 1.54%. The gross NPA has been slashed from 2.83% to 2.78%.