Bhavana Rishi Cooperative Urban Bank, founded by the distinguished cooperator G Ramamoorthy, has achieved remarkable milestones as of March 31, 2024. The bank, headquartered in Hyderabad, Telangana, has reported a business mix of Rs 292 crore and a net profit of Rs 3.30 crore.
In a conversation with the Indian Cooperative, the bank’s Vice-Chairman, A. Mohan Reddy, highlighted the institution’s steady growth trajectory. “We are on a growth path, expanding year after year. Our strategies are focused on reinforcing the bank’s systems and integrating new technologies into our operations,” Reddy stated.
The bank is actively engaged in enhancing its operations by continuously reviewing branch performance and setting ambitious targets. “We are diligently working to attract more customers and leave no stone unturned in our efforts,” Reddy added.
Bhavana Rishi Cooperative Urban Bank is poised for further expansion. Currently operating with a network of six branches, the bank plans to open four additional branches and will submit an application to the Reserve Bank of India in December for this expansion. The bank’s current operational area covers four districts of Telangana, but it aims to broaden its reach to the entire state.
For the current financial year, the bank has set an ambitious target to exceed a business mix of Rs 350 crore. Additionally, it has announced a dividend of 12 percent for its shareholders for the fiscal year 2023-24.
As of March 31, 2024, the bank’s deposits and loans & advances stand at Rs 177 crore and Rs 115 crore, respectively. This growth trajectory reflects the trust and confidence placed in the bank by its esteemed members and customers, said Reddy.
It is important to note that the late G Ramamoorthy, who served on the board of Nafcub, played a pivotal role in the establishment and early development of Bhavana Rishi Cooperative Urban Bank. His visionary leadership laid a strong foundation for the bank’s ongoing success and future growth.
Today, Bhavana Rishi Cooperative Urban Bank is recognized as one of the leading and fastest-growing urban co-operative banks in Telangana, a testament to its commitment to excellence and the unwavering support of its stakeholders.