Laying its claim to number one cooperative bank position in South India Visakhapatnam Cooperative Bank has done business worth Rs 1500 crore. The break up in terms of deposits and advances was Rs 871.68 crore and Rs 629.82 crore respectively.
The bank is spreading its level of penetration in the state. It currently has 18 branches in Andhra.
The results have put the bank in the top position amongst cooperative banks of the southern part of the country in both scheduled and non scheduled category. Prior to VCB, the top position was held by Mahesh Cooperative Bank, said Manam Anjaneyulu, chairman, VCB.
“Our bank took 91 years to achieve the first Rs 500-crore business mark and 2 years and 9 month for the second. To reach the third Rs 500 crore mark we have taken only 9 months,” said Anjaneyulu.