Co-Op bank focussing on Vijayawada keeping in view of Amaravati as capital

Visakhapatnam Cooperative Bank chairman Chalasani Raghavendra Rao on Saturday (June 7) said they will open five more branches this year. They are also planning to construct buildings to set up branches in Vijayawada owing to its proximity to the capital Amaravati. He said that proposals will be sent to the Reserve Bank of India to grant scheduled status to the bank, which is currently in a non-scheduled status.

Mr. Raghavendra Rao said they are targeting to reach transactions worth ₹8,600 crore in financial year 2025-26, against ₹7,800 crore registered in financial year 2024-25.

Speaking to media persons, Mr. Raghavendra Rao explained that compared with scheduled banks, his bank is performing better than most in many aspects.

On the bank’s performance in 2024-25, he said the bank has achieved a net profit of ₹71.77 crore as on March 31. He said there are 1,11,593 members in 55 branches and deposits of ₹4,354.73 crore with a share capital of ₹389.55 crore. He said 95% of the loans of ₹3,436.47 crore have been disbursed and that the bank is providing services to 1.30 lakh borrowers.

Mr. Rao said the 110^th Mahajana Sabha will be held at Kakatiya Convention Hall on Sunday and dividends will also be declared on the occasion.

Bank directors Suryaneni Nagabhushana Chowdhary, A.J. Stalin, J.V. Satyanarayana Murthy, Gullapalli Janardhana Rao, Uppalapati Parvathi Devi, A. Ramakrishna Rao, Emani Avani, P.V. Narasimha Murthy, Ramamurthy Vaidyanathan, and CEO VVB Varalakshmi were present.