In a notable advancement within the cooperative banking sector, The Visakhapatnam Cooperative Bank Ltd has proudly announced the completion of 50 General Body Meetings throughout its branches in the financial year 2023-24.
These meetings, which took place from May 20 to June 10, 2024, underscore the bank’s commitment to transparency, engagement, and community development, and set a new standard in cooperative banking across India.
Leading the initiative were two dedicated teams; one led by the Chairman of the Bank and Director NAFCUB, Sri Chalasani Raghavendra Rao, and the other by Director Sri J V Satyanarayana Murthy. Together with Branch In-charge Directors, they ensured effective communication and member participation across the meetings. Each day witnessed 3 to 4 meetings where, traditionally, two senior members were honored for their contributions.
This year’s sessions drew over 48,000 of the total 100,670 members, continuing a longstanding tradition where branch members actively participate and elect Consultative Committee Members (CCMs). These CCMs represent their respective branches at the bank’s Annual General Body Meeting, scheduled for June 23, 2024.
Key Highlights of the Meetings included : Increased Member Engagement: The enthusiasm was palpable as members actively discussed policies and future plans, reflecting heightened involvement in the bank’s strategic direction; Transparency and Insight: The meetings offered a transparent view into the bank’s operations, financial health, and initiatives, enhancing shareholder trust and lastly Community and Cooperation: Strengthening the community bond, these meetings fostered a cooperative spirit and mutual trust among the members.
Chalasani Raghavendra Rao, Chairman of the Bank, expressed pride in this achievement, stating, “Conducting 50 Branch General Body Meetings in such a short span is not just a proud moment but a testament to our commitment to inclusive growth and democratic principles”, he said.
Adding further he said “We are dedicated to transforming our members from customers to true stakeholders in our journey.” He emphasized the role of these meetings in empowering members and enhancing their engagement, which remains central to the bank’s mission of cooperation, transparency, and community involvement.
These meetings are conducted based on the BYE-LAWs of the bank, which read as any board of the bank has to conduct these branch general body meetings in future also.
The bank also distributes, branch general body books to members in which full information about the financial indicators, as well as branch working procedures, services provided to the customers and various welfare schemes provided to the members of the bank.
As The Visakhapatnam Cooperative Bank Ltd continues to innovate and grow, it reaffirms its dedication to setting higher benchmarks in cooperative banking and ensuring that its members are integral to its success.
