The Visakhapatnam Co-operative Bank Limited, a multi-state cooperative bank in urban banking sector, operating in all 13 districts of Andhra Pradesh with 46 branches and four branches in Hyderabad (Telangana State), has plans to achieve ₹6,500 crore business by the end of the financial year 2020-21.
The bank, which has completed 104 years of its existence, has introduced several welfare schemes for its members. These include health insurance for eligible members and their spouses, ex gratia of ₹50,000 to the family members for accidental death and cash incentives to children of members for excellence in their academics, according to a statement issued by the bank.
The number of members of the bank increased from 82,229 in 2018-19 to 87,863 in 2019-20, the share capital increased from ₹215.56 crore to ₹241.19 crore, deposits from ₹3,110.13 crore to ₹3,522.68 crore and advances from ₹2,139.39 crore to ₹2,378.36 crore.
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