Tuesday, Jan 22 2019 | Time 11:26 Hrs(IST)
  • Amit Shah to address rally in Malda; Start-up to LS poll
  • Powerful quake rocks central Indonesia, not potential for tsunami
  • Jammu-Kishtwar-Ramban road blocked for traffic due to snow, landslide; schools closed in Udhampur
  • Ohio plane crash: 2 killed
  • Shimla, Manali wrapped in white blanket; treat for tourists
  • Mexico pipeline explosion: Death toll climbs to 91
  • Modi's unplanned development destroyed Varanasi's charm, says Cong leader Ajay Rai
  • Blizzard weather: Kashmir highway remains closed for 2nd consecutive day
  • 2019: Global economy to see ‘steady’ growth of 3 pc despite risks
  • Encounter ensues in Kashmir's Shopian
  • Australian PM asks Indonesian president to "show respect," keep terrorist in prison
  • Giuliani tries to distance himself from statement on Trump tower Moscow talks
  • 6 0-magnitude quake jolts Indonesia
  • PM Modi to address Brigade rally after poll schedule announcement
  • India signs MoU with Srilanka in building modern infrastructure for Swami Vipulanada Institute of Aesthetic Studies
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

Jana Small Finance Bank launches Current Account with unique Auto-Sweep facility

21 Jan 2019 | 10:05 PM

Kolkata, Jan 21 (UNI) Jana Small Finance Bank has launched Current Account with Auto-Sweep facility.

 Sharesee more..
IDRBT to hold Intl conference on ISBA 2019

IDRBT to hold Intl conference on ISBA 2019

21 Jan 2019 | 9:28 PM

Hyderabad, Jan 21 (UNI) The Institute for Development & Research in Banking Technology (IDRBT) is organising the Fifth IEEE International Conference on Identity, Security and Behavior Analysis (ISBA 2019), a premier international conference here from January 22-24.

 Sharesee more..
ICICI Bank launches a premium savings account, 'The One'

ICICI Bank launches a premium savings account, 'The One'

21 Jan 2019 | 8:22 PM

New Delhi, Jan 21 (UNI) ICICI Bank on Monday announced the launch of a new range of premium savings account.

 Sharesee more..
IIFL Finance bonds worth Rs 2000 cr issue opens on Jan 22

IIFL Finance bonds worth Rs 2000 cr issue opens on Jan 22

21 Jan 2019 | 8:11 PM

Hyderabad, Jan 21 (UNI) IIFL Holdings Limited on Monday announced that its subsidiary, India Infoline Finance Limited (IIFL Finence), a leading Non-Banking Financial company, will open a public issue of bonds on Tuesday to raise up to Rs 2,000 for business growth and expansion.

 Sharesee more..
Kia showcases two world-class cars

Kia showcases two world-class cars

21 Jan 2019 | 8:06 PM

Puducherry, Jan 21(UNI) Kia Motors, world’s 8th largest automaker, during a design tour in Pondicherry showcased two of their world-class cars on Monday.

 Sharesee more..