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 Govt. of A.P had appointed Person(S) in-Charge comprising of 7 Persons on 05.12.2019 in place of existing Person-In-Charge of the Bank/The District Collector,VSP for the residual term of the PIC i.e., up to 04.02.2020. The term of the Person(S) In-Charge of the Bank is extended for another 6 months i.e., from 04.02.2020 to 30.07.2020 or till the elections are conducted.Further,it was extended for another 6 months i.e., from 31.07.2020 to 31.01.2021
Statutory Audit of the Bank:
The accounts of the bank were audited by M/s RAVI SARMA & Co., Kakinada, chartered Accountants and the Bank was placed in “A”Class in Audit for the year 2019-2020.
The Board of Management appointment 2 chartered Accountant companies for conducted the concurrent Audit of the Bank for the year 2020-2021.
No of Branches of the Bank :
The Bank is having 30 Branches in Visakhapatnam District out of which 14 Branches were located in Urban area and the remaining 16 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
other Development activities by PACS:
- PACS as MSC
- Paddy procurement by PACS
- Meeseva centre to PACS Fertilizers seeds and Pestisides Business through PACS
- Customers hiring Centers (CHC)
- Rythu Bharosa Kendralu (RBK)
Loans and Advances Provided by Branches:
- Gold Loans
- Personal Loans
- SAO, SAOCKCC Loans
- Special Crop Loans
- LT Loans
- ST other Loans
- Swayam Krushi Loans
- Corporation loans
- Cash Credit loans
SERVICES Providing by the Branches:
CORE BANKING SOLUTIONS:
- Currently, 30 Branches of our Bank have accommodated completed computerized banking system successfully
- The Bank had introduced the RTGS/NEFT and Mobile Banking facility’s
- SMS alerts.
- ATM services in 19 Branches , Micro ATM Services in 30 Branches and 98 PACS.
- Mobile banking.
- 4 Mobile ATM Vans were allotted to one Urban marripalem and 3 rural Yellamanchali,Kotavurtla and Chodavaram Branches.
DAP & MOU
The Bank has achieved the Targets under MOU for Rs: 881.00 Crores Deposits and Loans 623.00 Crores for the year 2019-2020
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 all the Borrowing Members of PACS up to 1.00 lakh per Individual.
Total coverage 75134 Members with IFFCO-TOKIO 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)
PADDY PROCUREMENT CENTRES:
There are 43 Paddy Procurement Centers Sanctioned for the season Rabi 2019-20 and procured 7539.20 MT’S and earned a commission of 23.56 lakhs.
There are 4 Meesea Centres opened in the District functioning through PACS