Kakinada Town Bank net up

Kakinada Co-operative Town Bank Limited (KCTBL) in East Godavari earned a profit of Rs 2.44 crore during the year 2006-07 as against Rs 2.12 crore in the previous year.

The bank has proposed to set up a branch at Rajahmundry, its 12th branch in East Godavari district. It has also applied for foreign currency authorised dealer category-2 for providing currency exchange facility up to $2,500, said MV Satyanarayana Rao, chairman of the bank.

During the year, the bank mobilised Rs 100.60 crore and released Rs 72.09 crore advances.

"According to the norms own funds/assets should be Rs 2 crore for each branch. KCTBL has 11 branches in East Godavari district and has a total of Rs 26.38 crore in all branches, hence we plan to open our 12th branch,'' Rao said.