Addressing the 102nd General Body meeting of Visakhapatnam Cooperative Bank it Chairman Chalasani Raghavendra Rao said the UCB has earned a profit of Rs. 31.29 crore and declared dividend of 12% on share capital for the 2016-17.
Rao said the bank is strengthening its position by acquiring more and more assets every year. The bank had Rs. 117.41 crore reserves for the year 2016-17. The AGM was held at at Kakatiya Convention Centre, in Visakhapatnam recently.
Chairman of the bank said the Bank used to declare good percentage of dividend and interest on share capital to the members earlier, but since a few years the Reserve Bank of India, RCS and Government are laying more and more restrictions on Cooperative banks in declaring dividends.
The committee members from 41 branches attended the meeting. The event began with Kuchipudi dance of children from Chandana Dance Academy. Chairman Sri Chalasani Raghavendra Rao Garu was the first to address the meeting.
Chairman Sri Raghavendra Rao Garu, Chairman Emeritus Sri Manam Anjaneyulu Garu, Chief Executive Officer Sri P.V. Narasimha Murthy Garu and Board of Directors responded to the suggestions made by the committee members from all the 41 branches.
Speaking on the occasion Chairman Emeritus Sri Manam Anjaneyulu garu said although Cooperative banks and Cooperative societies have made numerous representations asking the government to exempt their customers from Taxes levied on them, there is no response from the government.
All Board of directors and staff have attended the meeting.
