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Visakhapatnam Cooperative Bank announces 12% dividend

The Visakhapatnam Cooperative Bank (VCB) has declared a dividend of 12% to its shareholders at its 103rd general body meeting here on Sunday.

Presenting the annual report, VCB Chairman Ch. Raghavendra Rao said the deposits of the bank had increased from Rs. 199.30 crore in the last fiscal to Rs. 2730.86 crore this year. Loans too have increased from Rs. 232.93 crore to Rs. 1,970.07 crore during the corresponding period. “The bank has achieved the top position not only in the State but also in the South India among cooperative banks. The bank has 50 branches with 75,298 members and a share capital of Rs. 193.48 crore. The NPA has been pegged at 1.54 %,” Mr. Rao said.

Bank Emeritus Chairman Maanam Anjaneyulu said the proposal of the Centre to bring the FRDI Bill has created panic among depositors and though the government has announced there is no cause for concern.

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