Vizag co-op bank eyes multisate licence

VCB's deposits and advances stand at Rs 1,980 crore and Rs 1,295 crore respectively

Visakhapatnam Cooperative Bank (VCB) is expecting a multi-state operator licence after the state bifurcation.

The cooperative bank currently operates 35 branches, of which two are in Telangana. In the next few years, it is planning to add three more branches in Telangana, mostly in Hyderabad, said Manam Anjaneyulu, chairman emeritus.

After getting the multistate licence, the bank plans to enter Odissa and Karnataka.

While 48 cooperative urban banks are located in Andhra Pradesh, Telangana has 51. The AP banks have Rs 5,300 crore as deposits. However, those in Telangana have only Rs 3,900 crore as deposits, he said.

VCB's deposits and advances stood at Rs 1,980 crore and Rs 1,295 crore respectively. He said the bank's immediate priority was to open branches at Ananthapuram, Kadapa, Guntur and Kurnool districts as they don't have a presence there.