The Visakhapatnam Urban Co-operative Bank, entering the centenary year, has so far given ₹250 crores additional finance to those who suffered in the devastating Hudhud cyclone which hit the city last October, according to bank’s chairman Ch. Raghavendra Rao.
He was talking to the media here on Wednesday on this occasion. He said the bank would start off the centenary celebrations with a function in Andhra University on Thursday. "We have 35 branches now in AP and Telangana and our aim is to increase the number to 50 by 2020. We would like to have a branch in each district headquarters in AP and we wish to increase our branches in Hyderabad. Ours is a multi-state bank now," he said.
The deposits at present are ₹2,103.26 crore and the advances ₹1,388.69 crore and the bank wishes to take them to ₹4,500 crores and ₹3,000 crores respectively by 2020.
M. Anjaneyulu, the former chairman of the bank, said the bank was aiming for scheduled status but it did not want to convert itself into a commercial bank.