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Aryapuram Coop Bank raises huge deposits

Aryapuram Coop Bank raises huge deposits
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The Aryapuram Cooperative Urban Bank Limited in the town has registered an increase in the number of deposits up to Rs 112.31 crore which amounts to 32.94 per cent more than the last year, Bank Chairman Challa Shankar Rao said here on Friday.

Rajahmundry: The Aryapuram Cooperative Urban Bank Limited in the town has registered an increase in the number of deposits up to Rs 112.31 crore which amounts to 32.94 per cent more than the last year, Bank Chairman Challa Shankar Rao said here on Friday. Addressing the media, he said that sanction of loans has increased up to 34.87 crore and the share value has also gone up by 13.96 per cent in 2014 in comparison with 2013.

He added that the working capital of the bank has also increased to 115.80 crore. He said that the bank also started its 10th branch at Bhimavaram and 11th branch at Amalapuram in 2014.

He did explain about the development of the bank in 2014 and about future schemes of the bank to reporters on the premises of the bank in Rajahmundry on Friday. Furthermore, Shankar Rao said that bank started the ‘Basic Savings’ schemes from January last year, which was the foundation day of the bank. He said that system of ‘SMS Alerts’ was introduced through which customers were told to pay pending dues. In the general body meeting of the bank, which was held on the of September 7 this year, he recalled that record number of 30,000 customers took part in the meeting and it was resolved to provide economic participation for every member and 15 per cent dividend has been given to members. Announcing the schemes, which were going to be introduced in the bank, Shankar Rao said that ‘Basic Savings Scheme’, ‘Savings Silver’ and ‘Savings Gold’ schemes were going to be introduced very soon in order to provide all banking schemes through Savings Accounts. He maintained that services like membership, dividends, loans and banking services would be provided through savings account. He further said that rate of interest would be cut by 0.5 per cent on the mortgage loans below Rs 3 lakh availed from October, 2014. He announced that service charges have been cancelled on gold loans. He did inform that ‘Kids savings’ account would be introduced to encourage savings among minors. With regard to the core banking system, Sankar Rao said that core banking system was introduced in the bank.

He added that it was decided to provide ‘Rupay Debit Card’ for all customers to make sure that they could use to for transactions in any bank. He said that internet banking and mobile banking would also be introduced. He said that ‘Doorstep banking’ would be also introduced to take services of the bank to its customer as part of ‘Financial Inclusion’.

He said that ‘e-Lobby’ would be set up in order to provide services round the clock. As part of 2015 ‘Annual Business Plan’ he said that the bank has urged the Reserve Bank of India for permission to start new branches at Seethamma Dhara and Gajuwaka in Visakhapatnam, Danavai Peta in Rajahmundry and at Bommuru in Rajahmundry (Rural).


Secretary and the CEO of the bank CVS Subrahmanyam, Vice-Chairman of the bank, Ayyala Krishna Gangadhar Rao and directors were present on the occasion.

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