As predicted earlier in these columns, Chalasani Raghavendra Rao and M Raghava Rao have been re-elected unopposed as the Chairman and Vice-Chairman of Andhra Pradesh based leading bank namely- Visakhapatnam Cooperative Bank. The election result was announced on Tuesday noon.
G. Bhaskara Rao has also been re-elected unopposed as the Senior Vice-Chairman of the bank.
While still a few of multi state cooperative societies across India are waiting for the response from the Central Registrar for conducting the election Andhra Pradesh based -Visakhapatnam Cooperative Bank has successfully conducted the election.
Besides, former NAFCUB Director Manam Anjaneyulu was again re-elected as the Chairman Emeritus. The whole board consists of 21 directors elected unopposed.
It is being learnt that the three posts of director were vacant and now the posts have been filled. P Narayana Swamy, C. Koteswara Rao and J Satyanarayana Murthy are the newcomers on the board.
As soon as the result was announced, giving his reaction, Bank Chairman Rao said, ” Our whole board has been re-elected unopposed and will play the 2nd innings to take the bank to newer heights. Though, due to Covid-19 banks are struggling with the financial crisis we are confident that we will overcome the situation in the coming days”.
“Our target is to achieve the scheduled status in the near future. As the application has been pending before the Reserve Bank of India for the past three and a half years. we hope that we will receive it sooner than later”, he said to this correspondent on the phone.
It bears recall that 25 candidates had filed their nomination papers for the 21 posts of directors. Out of 25 nominations two were rejected during the scrutiny for not fulfilling the eligibility of fighting the election and two nominations were withdrawn. Durga Prasad, Deputy Registrar was appointed as the returning officer.
The Visakhapatnam Cooperative Bank, the biggest cooperative bank in the entire South India has a total business of Rs 6000 crores with 88185 members. The total business of the bank is Rs 6048 crore comprising Deposits at Rs 3680 crore and Advances at Rs 2368 crore.
It is a Multi-State Cooperative Bank offering services to a varied clientele through its 50 branches operating in both the States of Andhra Pradesh and Telangana and ranks 18 among all urban cooperative banks in the entire country.