Scripting a success story one after another, Visakhapatnam Co-operative Bank Ltd (VBCL) will achieve a major landmark by launching its year-long centenary celebrations from February 5.

The bank which was set up in 1916 and remained a single-branch bank with deposits of Rs.69 lakh and advances of Rs.50 lakh till 1983. It has grown in strength year after year following a major revamp and expansion drive later.

The bank at present has 35 branches spread over 11 districts in Andhra Pradesh and Telangana and has plans to expand its business to Tamil Nadu, Karnataka and neighbouring Odisha. The bank at present has deposits to the tune of Rs.2,000 crore and advances of Rs.1400 crore with its plans to expand to 55-branch bank with deposits to the tune of Rs.4,500 crore and advances Rs.3,000 crore.

“We are among few cooperative banks with a 100-year-old history with efficient management. We weathered a storm when the bank due to rumours had to face withdrawal of deposits to the tune of Rs.204 crore out of total deposits of Rs.308 crore during 2003-04. At that time, our old customers withdrew their savings from other banks and kept it with us due to their faith in us,” VCBL Chairman Ch. Raghavendra Rao told reporters on Wednesday.

Minister for Cooperation B. Gopalakrishna Reddy will inaugurate the centenary year celebrations at Andhra University Convocation Hall on Thursday.

VCBL Chairman Emeritus and former MLA Manam Anjaneyulu said that they had proved that through efficient management, healthy management practices and brand loyalty, a cooperative bank could serve the customers better than other banks. He said that within nine months of taking over as bank’s chairman, he could enable the bank to achieve Rs.1-crore deposit-mark in 1983, 67 years after its establishment.

VCBL CEO P.V. Narasimha Murthy and Directors G. Bhaskar Rao, A.J. Stalin, R.V. Jagga Rao, G. Janardhan Rao, K. Bhavani, D. Babu Rao, N. Kama Raju, C. Adinarayana Sastry and T. Padmavati were present.

source: http://www.thehindu.com / The Hindu / Home> News> Cities> Visakhapatnam / by Santosh Patnaik / Visakhapatnam – February 04th, 2015