The Visakhapatnam Co-operative Bank Ltd is eying to achieve a business mix of more than Rs 7500 crore in the 2023-24 FY. This was revealed during the 108th Annual General Body meeting of the bank held last week.
The meeting was attended by 336 members out of the 418 elected representatives covering all the 50 branches representing about 93000 members of the bank. The bank claimed that it could not achieve the set goals because of the new regulations imposed by the Reserve Bank of India during the last 2 years. The bank had exceeded Rs 7026.64 crore of business with deposits of Rs 3973.82 crore and Rs 3052.85 crore of advances.
The General Body had passed a resolution for payment of dividend @12% on share capital. The bank had spent about Rs.31.33 crore in the past 10 years and Rs 11.70 crore in the last 2 years for various member welfare schemes in the true spirit of Co-operatives.
The bank has been earning profits for the last 40 years and is consistently paying a dividend. The bank could achieve such development only because of the confidence of the members and with the help of the general public.
The bank has targeted to achieve 1 lakh membership mark and to reach Rs 350 crore of share capital during the financial year 2023-24. In the meeting, it is also resolved to enrich the measures for obtaining scheduled status as well as obtaining new branches.
During the meeting it was unanimously decided to obtain a legal opinion against the RBI instructions of removing the post of Chairman Emeritus. Besides, the bank will also take stern legal action against the defaulting borrowers for containing the NPA’s of the bank.
The protracted deliberations were held on the annual report and various other resolutions indicating the performance of the bank and future goals of the bank. 26 members participated in the discussions expressing their opinions and suggested measures for business improvement and have passed the resolutions unanimously.
The bank stands in the top 10-15 positions in various aspects among the total of 1514 co- operative urban banks in the country. The Board of Directors / Management of the bank had expressed its gratitude to one and all who have been a part of the journey.
The Visakhapatnam Co-operative Bank Ltd, which was established in 1916, is carrying on the banking business with 50 branches in the states of Andhra Pradesh & Telangana. The bank is functioning on the principles of co-operation, ethics and values for the well-being of its members in particular and society in general.
