Friday, Sep 21 2018 | Time 05:23 Hrs(IST)
  • Britain's anti-EU party launch populist manifesto, demand clean Brexit
  • N Korea's Kim wants another Trump summit to speed denuclearisation -S Korea's Moon
  • Ugandan musician turned MP vows to continue "fight for freedom" against government
  • Trump releases first two names of U S war dead handed over by N Korea
  • Maryland woman kills 3 people and herself in warehouse gun rampage
  • Thousands gather in Barcelona as anniversary of independence vote approaches
  • UK PM's Brexit plans opposed by 40 rebels in her party: former Brexit minister
  • Shooting at Rite Aid warehouse in Maryland leaves 4 dead, including suspect
  • U S sanctions China for buying Russia war planes, missiles
  • At least 42 drowned in Lake Victoria ferry sinking, death toll could top 200 - officials
  • Asia Cup: Afghanistan beat Bangladesh by 136 runs
  • Trump releases first two names of U S war dead handed over by N Korea
  • More than 200 people feared drowned after ferry sinks in Tanzania's Lake Victoria - government
Business Economy Share

VCBL turnover crosses Rs 4701 Crore in FY 17-18 : Chairman

Visakhapatnam Sep 12 (UNI) Visakhapatnam Co-operative Bank Limited (VCBL), one of the leading Urban Co-operative banks in South has announced that its business turnover has crossed Rs 4,701 crore with deposits being Rs 2,730 crore and loans Rs 1,970 crore during the fiscal 2017-18.

Addressing a media conference here on Wednesday, Bank Chairman Ch Raghavendra Rao said the the bank had earned a profit of Rs.33.71 crore during 2017-18 as against Rs.31.29 crore achieved during 2016-17.
The bank, one of the profitable bank is on an expansion drive, but the RBI is not permitting it to open more branches, he added.

Mr Rao said the bank, being established 103 years ago, had 50 branches in all the 13 districts of Andhra Pradesh besides Hyderabad in Telangana.
"Ours is one of the oldest urban co-operative banks in the country and is currently one of top 20 urban banks in the country, with deposits Rs 2,730 crore and advances Rs 1,970 crore. We have earned profit of Rs 33.71 crore for 2017-18, with the net NPA being only 1.54 per cent," he said.
He complained that the RBI was not permitting the bank to open more branches. "We want to set up at least four to five branches more in AP and a few more in Hyderabad. But the RBI has taken a policy decision not to accord sanction. We have also applied for scheduled status, which is also pending," the Bank Chairman said.

He said the commercial banks as well as private banks in the country were not functioning very well. "At present, the banking sector is in a deep crisis and many of the urban co-operative banks are much better placed than commercial banks and private banks. Even then the RBI is placing all sorts of restrictions on our growth," he said.
Mr M Anjaneyulu, the former Chairman of the bank, said, "It is indeed ironical that at a time when the commercial banks are saddled with soaring NPAs, the Union Government as the owner does not assume responsibility for the banking sector crisis nor does the RBI as the regulator. Both the Government and the RBI are stifling the growth of urban co-operative banks," he alleged.
He said the RBI should sanction scheduled status to the Visakha Co-op Bank as the bank had met all the criteria and allow it to open more branches.
More News
MedTech Industry comes together to partner Ayushman Bharat Scheme

MedTech Industry comes together to partner Ayushman Bharat Scheme

20 Sep 2018 | 9:14 PM

Kolkata, Sep 20 (UNI) Leading industry bodies representing medical technology sector
today came together at MTaIMedTekon 2018 to discuss ways to strengthen healthcare
delivery under Ayushman Bharat scheme, a government programme to enable the bottom
40 per cent of India’s population access healthcare for free.

 Sharesee more..
IICC project is in line of New India; would generate 5 lakh jobs: Prabhu

IICC project is in line of New India; would generate 5 lakh jobs: Prabhu

20 Sep 2018 | 8:19 PM

New Delhi, Sep 20 (UNI) Commerce & Industry Minister Suresh Prabhu in his address at the foundation stone for India International Convention and Expo Centre (IICC) here at Dwarka said that the convention centre is of global standards.

 Sharesee more..

Blaupunkt T V s are now Alexa skilled; operate set top box through your voice

20 Sep 2018 | 7:02 PM

New Delhi, Sep 20 (UNI) Blaupunkt Televisions, launched recently in India with their UHD and FHD line up, come with a voice-powered Hybrid Launcher, powered by Sensy.

 Sharesee more..

Smartphone sales through Amazon growing by 50 per cent Y-o-Y : Nishant

20 Sep 2018 | 6:49 PM

Hyderabad, Sep 20 (UNI) Smartphone sales through Amazon is growing by 50 per cent Year-on-Year in India, Amazon India Category Leader-Smartphones & Consumer Electronics Nishant Sardana said on Thursday.

 Sharesee more..

Kottayam-Kochi Rubber Market Rates

20 Sep 2018 | 6:29 PM

Kottayam, Sep 20 (UNI) Following were the Rubber Market rates
announced by the Rubber Board here today per quintal
RSS FOUR Rs 12900
RSS FIVE Rs 12450

 Sharesee more..