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APCOB to venture into trading
AP Cooperative Bank (APCOB) will venture into trading to boost its revenues. Chairman of APCOB Pinnamaneni Venkateswara Rao said that they are looking to diversify operations and trading is one area which is being pursued.
Srikakulam: AP Cooperative Bank (APCOB) will venture into trading to boost its revenues. Chairman of APCOB Pinnamaneni Venkateswara Rao said that they are looking to diversify operations and trading is one area which is being pursued.
Interacting with media persons at District Cooperative Central Bank (DCCB) premises here, on Saturday Venklateswara Rao said that they will venture into trading to improve bottom line (profits).
“Till date, APCOB confined its operations to core banking services but now we are keen to diversify our operations. Our target is to reach a turnover of Rs 50 cr in trading alone by the end of current financial year,” he added.
Venkateswara Rao said that they will be building a head office soon. “National Bank for Agriculture and Rural Development (NABARD) has provided a loan of Rs 2,250 cr to APCOB, we will utilising the same amount to strengthen our base operations,” he said. He lauded the efforts of officials of Srikakulam branch for topping the State in issuing loans and recoveries. “Because of their effort the branch saw Rs 80 cr profit,” he added.
DCCB president D Jaganmohan Rao, DCMS president G Krishna Murthy, DCCB directors and other officials were also seen.
