Visakhapatnam Cooperative Bank has crossed the Rs 1,000-mark in deposits, according to its chairman.
“Though we have branches in six districts, about Rs 940 crore deposits were mobilised from Visakhapatnam district only,” Manam Anjaneyulu told mediapersons here today. The bank spent about 83 years to mobilise its first Rs 100 crore deposits, and then took only 12 years to collect another Rs 900 crore.
With this, VCB has become the biggest cooperative bank in the entire South India in the category of scheduled and non scheduled cooperative urban banks, he said.
As on July 1, 2011, the bank’s total business stood at Rs 1,785 crore (Rs 1,014 crore deposits and Rs 771 crore advances). “Our aim is to enhance it to Rs 3,000 crore by 2016, which is our centenary year,” he added.
VCB operates 19 branches and plans to add another six this fiscal.
