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Warangal: District Cooperative Central Bank on a massive growth path
Apart from introducing Unified Payment Interface transactions, the 106-year-old District Cooperative Central Bank Limited also has expansion plans
Warangal : Apart from introducing Unified Payment Interface (UPI) transactions, the 106-year-old District Cooperative Central Bank Limited (DCCB), known as Anjuman Bank until 1990, also has expansion plans. “As of now, the UPI transactions are in testing stage in both the DCCBs of Warangal and Khammam. It may take another 10 to 15 days to launch UPI transactions full-fledged,” Ch Chinna Rao, the CEO of Warangal DCCB, told The Hans India. In fact, Karimnagar DCCB is the first one to launch UPI transactions, followed by Medak in the State.
Even though the bank had faced a tempest of a situation due to alleged irregularities a few years ago, the Warangal DCCB is doing a commendable job of late. The turnover of the bank is around Rs 1,700 crore per annum, according to officials. With a meager 2.94 per cent of non-performing assets (NPA), the bank is doing well within the norms of the Reserve Bank of India (RBI), it’s learnt.
The bank has dispensed a whopping Rs 1,300 crore loans to farmers and other sectors during the 2022-23 financial year. The bank, which has 70 PACS affiliated to it, has more than 3.1 lakh savings accounts.
Referring to the bank’s services spread across Warangal, Hanumakonda, Jangaon, Mahabubabad, JayashankarBhupalpally, Mulugu and Siddipet districts, the CEO claimed credit for extending credit facility to the farmers. The bank customers will be benefited by the UPI transactions, especially farmers, the CEO said. Emphasising the need for amassing more deposits, Chinna Rao said that the bank needs a little bit of support from the government and the people.
The bank also has plans to set up new branches in Inavolu, Mogilicherla, Tharigoppula, Nallabelli and Ganapuram (Mulugu) in about 2 to 3 months, DCCB Warangal chairman Marneni Ravinder Rao said.
