Consequent on the trifurcation of the erstwhile composite Co-Operative Central Bank Ltd., Vizianagaram the District cooperative Central Bank Ltd., Visakhapatnam was registered with Headquarters at Visakhapatnam on 09.11.1981 for Visakhapatnam District and commenced is operations with effect from 13.11.1981.
The Reserve Bank of India had granted licence under Section 22 of B.R. Act 1949 (AACS) to carry on the Banking Business in India w.e.f. 14.10.2011.
Board of Management
The Board of Directors of the Bank consists of 24 elected members, two nominated members i.e., one Charted Accountant and one Banking Expert and 3 other ex-officio members viz., District Co-Operative Officer, (RCS Nominee), DGM of APCOB, and CEO of the Bank, DDM NABARD VSP is a Special invitee. The Term of the Board is .e.f. 19 February 2013 for a period of 5 years up to 18 February 2018.
Statutory Audit of the Bank:
The accounts of the bank were audited by M/s BODA RAMAM & Co., Guntur, chartered Accountants and the Bank was placed in “A”Class in Audit for the year 2018-2019.
2018-2019 Statutory Audit is to be completed before 30.06.2019 positively.
The Board of Management appointment 3 chartered Accountant companies for conducted the concurrent Audit of the Bank for the year 2018-2019.
No of Branches of the Bank :
The Bank is having 29 Branches in Visakhapatnam District out of which 14 Branches were located in Urban area and the remaining 15 Branches in Rural area.
DETAILS OF AFFILLIATED SOCIETIES:
- PACS : 98
- Weavers Coop.Soces : 20
- Employees Coop.Soces. : 157
- Sugar Factories : 4
- Others : 178
Total : 457
GOVERNMENT SPONSORED SCHEMS:
- PACS as MSC
- Paddy procurement by PACS
- Meeseva centre to PACS Fertilizers seeds Business through PACS
- FLC Centres opened Chodavaram, Yellamanchili, Narasipatnam
Loans and Advances Provided by Branches:
- Gold Loans
- Personal Loans
- SAO SAOCKCC Loans
- Special Crop Loans
- LT Loans
SERVICES Providing by the Branches:
CRORE BANKING SOLUTIONS:
- Currently, 29 Branches of our Bank have accommodated completed computerized banking system successfully
- The Bank introduced the RTGS/NEFT and Mobile Banking facility’s
- SMS alerts.
- ATM services in 19 Branches ,Mobile ATM Van in Head Office, Micro ATM Services in 29 Branches and 98 PACS.
- Mobile banking.
- Mobile ATM Van.
DAP & MOU
The Bank has achieved the Targets under MOU for Rs: 540.00 Crores and Loans 220.00 Crores for the year 2015-2016
Various Insurance Schemes introduced by Govt. Of India
The Bank is implementing the following insurance Schemes as announced by Prime Minister of India
- Prime Minister Jeevan Jyothi Bhima Yojana
- Prime Minister Suraksha Bhima Yojana
- Atal Pension Yojana
COVERAGE OF INSURANCE TO PACS MEMBERS
The Bank has covered PAIS to the Borrowing Members of PACS up to 1.00 lakh per Individual.
Total coverage 83851 Members with Oriental Insurance Company Visakhapatnam
MEMBERSHIP OBTAINED FROM CREDIT INFORMATION COMPANIES
- EQUI FAX CREDIT INFORMATION SERVICES
- CRIF HIGH MARK CREDIT INFORMATION SERVICES
- EXPERIAN CREDIT INFORMATION SERVICES (APPLIED)
FUNCTIONING OF FINANCIAL LITERARY CENTRE’S (FLCs)
PADDY PROCUREMENT CENTRES:
There are 9 Paddy Procurement Centres opened in the District during the year
2014-2015 under Khariff and Rabi.
Earned commission of Rs: 48.87 lakhs
There are 4 Meesea Centres opened in the District functioning through PACS
THE COMPERATIVE FINANCIAL POSITION OF THE BANK :
|7||Loans and Advance||40941.16||40616.91||-0.79%|
|10||Profit during the year||387.71||518.06||33.62%|
|12||NPA in %||10.41%||5.74%|
|13||Net NPA %||6.30%||2.09%|