ATM facility in Kakinada soon

Kakinada: Kakinada Cooperative Town Bank Limited, the third largest cooperative bank in the State with 16 branches, will soon open ATM facility to its customers in a phased manner. The bank with Rs 544.67 crore depicts that it will also provide insurance coverage to its shareholders.

Disclosing the details to media persons here on the eve of completing 36 years of banking service, chairman of the bank and former Rajamahendravaram MP, Chitturi Ravindra said on Tuesday that the bank has been extending core banking system in all the 16 branches in East Godavari and Visakhapatnam districts.

Elaborating on the ATM facility, the bank chairman said that they had a tie-up with Axis Bank and added that the facility can be availed from any of the ATMs of their associate bank very soon. In the first phase the four town bank branches in Kakinada will be covered, the chairman said.

As part of extending health care facility, the bank will soon come out with insurance coverage for its shareholders, the chairman said. He also revealed that the town bank extended highest rate of interest to the tune of 10.50 per cent to its depositors.

We are also extending loans to all sections and in the present financial year, the loans touched Rs 381.37 crore in the form of loans to both business, individual and priority sectors, he said. Our Non-performing Asset (NPA) is only 3.70 per cent as against the permitted seven per cent, Ravindra said. Bank directors T Sudheer, Madani Mohidddin Khan, Satti Rama Reddy Kantipudi Satyanrayana and others were present in the programme.