Visakhapatnam Cooperative Bank Limited (VCB) reported a provisional turnover of Rs 7,350 crore and deposits of Rs 4,150 crore for 2023-24, anticipating RBI classification as a scheduled bank post-August.
At its 108th AGM, VCB announced a 12 percent dividend following a turnover of Rs 7,026 crore in 2022-23. Chairman Chalasani Raghavendra Rao highlighted a share capital increase of Rs 47 crore, reaching Rs 352 crore.
VCB aims to become India’s third-largest cooperative bank by 2024-25. The bank plans to open five new branches and hold an AGM on June 10.
