“Co-operatives may have erred at times but ill-treating them always is not good”, said Sri Pinnamaneni Venkateswara Rao Garu Chairman, Andhra Pradesh State Cooperative Bank on the occasion of inauguration of the 47th Branch of the Visakhapatnam Cooperative Bank at Vijaywada One Town in Andhra Pradesh.
“Technology is taking the cooperative sector to the pinnacle and these mistakes would come down gradually. It is not good for the Government to ill-treat the Cooperative sector by showing these mistakes which happened earlier”, underlined the Chairman.
Chairman Emeritus Sri Manam Anjaneyulu garu in this speech said that 48 percent people in our country still do not have bank accounts. Although various types of banks have come up in the country they are not able to reach the common man to the full that is the reason why people are investing in private finance companies and chit fund companies and getting betrayed by the frauds done by these companies.
Speaking on the occasion Chairman of the Bank Sri Chalasani Raghavendra Rao garu said that since last 102 years the Bank is serving on the cooperative principle “One for All – All for everyone”. The Bank is running in profits since 34 years sharing 10 to 42 percent dividends to its members. Started as a single branch in Visakhapatnam the bank has expanded to 47 branches in both telugu states of Telangana and Andhra Pradesh with more than 71 thousand members, with a business mix of Deposits Rs. 2,627/- crores and Rs 1,860/- crores of Loans. The Bank is giving away Rs 2 crore and above in the form of welfare schemes (mediclaims, accidental claims, awards to student who
excelled in education) to its members and families.
Manam Anjaneyulu Garu Chairman Emeritus of the Bank inaugurated the strong room, Sri Chalasani Raghavendra Rao Chairman of the Bank inaugurated the Cash Chest of the branch, Sri Ch. Ravindra garu Ex M.P., Ex.M.L.A., Chairman of the Kakinada Town Cooperative bank and Chairman A P State Cooperative Urban banks and Credit Societies Federation has inaugurated the Branch Manager’s Cabin, Sri Vemuri Basava Kutumba Rao garu Chairman of the Gandhi Cooperative bank Ltd has inaugurated the Cash counters.
Sri P. Purnaveeraiah Chairman of the of the Gudivada Cooperative Urban Bank has inaugurated the lockers in the branch, Sri A. V Ambika Prasad Chairman of the Eluru Cooperative Urban Bank has inaugurated the ATM in the premises of the branch building, Smt S K Lavanya Devi Chairperson of the Saradamba Cooperative Urban Bank has inaugurated the systems in the counters and Sri M. Muralikrishna Chairman of Swarna Cooperative Urban Bank has inaugurated the Cash Counter.
The Visakhapatnam Cooperative Bank Chief Executive Officer Sri P.V. Narasimha Murthy and Directors of the Bank supervised the programme.
