The number of shareholders of the Bank as on 30 June, 2018 is 76774, contributing a total share capital of Rs. 197.42Crores, a highest amount among all the urban banks in the state of Andhra Pradesh and also in Southern states
- Face value of each share is Rs.500/-
- Maximum Shares allotted -300
- Eligibility criteria: The proponent should be an Indian National, enrolled with the bank either as Depositor/Loanee. The Deposit Member should maintain throughout the tenure of his membership a minimum worth of deposits equivalent to his share capital amount, which he intend to invest. The member who fulfills the above norms only, is eligible to receive dividends.
The Bank is registered under the Co-operative Societies Act as a Primary Co-operative Society on 11 January 1916 and started its business on 5th Febrauary1916.
The Visakhapatnam Co-operative Bank Ltd is one of the oldest Co-operative Banks in the State of Andhra Pradesh (A.P). The Patriots Sri Sripathi Bhadrayya Pantulu, Sri Balijepalli Ramakrishan Sastry, Sri Bhamidipati Thammayya Sastry, Sri Pandrangi Narasingarao Pantulu, Sri Vepa Kamesam Pantulu, Sri Vepa Vijaya Rammamurthy, Sri Puligedda Satyanarayana, Sri Akella Suryanarayna, Sri Maddi Pattabhi Reddy, Sri Madiri Subba Rao, Sri Tenneti Viswanadham had successfully lead the Co-operative Institution and movement in pre-independence era. Sri Poolla Rama Rao was one among them and led the bank for 40 years till Sri Manam Anjaneyulu voted to Chairmanship in 1983 and lead for 30 years as chairman.
The Bank Registered under the provisions of A.P. Co-operative Societies Act, 1964 and obtained banking license from Reserve Bank of India on 15 January, 1981.It is also first Bank which converted into The Andhra Pradesh Mutually Aided Co-op. societies Act,1995 for better management and under this era it grown into leaves and branches The Bank was a Unit Bank till 1984 and from then onwards branch expansions commenced initially in Visakhapatnam City, Visakhapatnam District and then to neighboring Districts with its operation extended to the state of united Andhra Pradesh. After reorganization of state of Andhra Pradesh it is now doing business in neighbouring state of Telangana also and became a Multi- State Co-operative urban Bank from 2-06-2014 and now functioning under Multi-State Co-operative societies Act of, 2002
Mergers and acquisitions
In persuasion of its accepted principles and cooperative spirit with an utmost aim to protect the interest of members & Depositors and bail out sick Urban Banks, brought The Bobbili Co-operative Urban Bank with four branches in 2007 and another 3 single units Banks, such as, The Ramachandrapuram Co-operative Bank in 2009, The Ongole Co-operative Urban Bank and The Balaji Urban Co-operative Bank in the year 2011 taken into its fold. With these amalgamations & furthur opening of branches,the network of the Bank rose to 50. As per Bank's expansion plan, Bank is aiming to open further branches in all District centers of Andhra Pradesh.
The vision and dynamism of Sri Manam Anjaneyulu being Emeritus Chairman and hard working and voice full leader Sri.Chalasani Raghavendra Rao as chairman, other committed Directors, yields fruits with ever increase of business every passing year with the support of its band of disciplined employees. The Bank is making profits and uninterruptedly handful dividend is paid. The Board believes that whatever the profit is earned it should be allocated to Statutory Reserves, Share holder’s stake and benefit to employees. Member’s welfare scheme in operation are Mediclaim to an extent of Rs. 30,000/- per annum through insurance company, Accident cover, interest incentive to the borrowers who pays their installments regularly as per schedule, cash awards to the meritorious children of members in SSC & Intermediate. The Bank has never lagged behind in playing its social commitment to community development and every year contributing its might to voluntary public institutions such as Visakhapatnam Public Library and also donating to Chief Minister’s relief fund when natural calamities attacked the Andhra Pradesh
The Bank offers higher rate of interest on deposits than Public and Private Sector Banks and special interest to Senior Citizens. The Bank offers competitive rate of interest on lending mainly targeted to middle class and lower middle class people and unprivileged Sections of the society, and to small traders for various purposes / domestic needs with least processing charges. No appraising fee is being collected on gold loans.
The Bank is levying lowest Service Charges on various transactions viz., Cheque Book facility, Minimum Balance, Cheque bouncing, Duplicate Pass Books etc. and issuing Pay Orders/Cheques to all over the Country. Safe Deposit Vaults in different sizes for hire with minimum Locker Rents available at all Branches. All branches are located at established places, in ambiance and pleasant air conditioned environment with modern facilities.
The Share Capital of the Bank is about Rs. 197.42 Crores as on 30-06-2018, a highest amount among all the Urban Banks in the State of Andhra Pradesh and also in Southern States. The number of shareholders as on 30 june 2018 is 76774. The bank has excelled Rs.2781.18 crores mark in Deposits and Rs.2020.22 crores in Loans & Advances accumulating to Rs.4801.40 crores of total business as on 30 June 2018.The Bank earned profit of Rs.33.53 crores and its Capital Reserve Adequacy Ratio (CRAR) stood at 15.71%, Gross NPAs at 2.78% and Net NPAs at 1.54%as at the end of last financial year 2017-18 and also the Profit per employee is 7.80 Lakhs and the productivity per an employee is over 10.92 Crores probably higher in A.P.