Visakhapatnam Cooperative Bank Limited (VCB) is aiming to achieve Rs 7,500 crore business by 2020 on the back of new branches in Andhra Pradesh and Telangana.
Its total business as of now is Rs 3,502 crore (Rs 2,114 crore deposits and Rs 1,388 crore advances).
"We are targeting to reach the Rs 7,500-crore mark (Rs 4,500 crore deposits and Rs 3,000 crore advances) in business by 2020 and to achieve this, the bank will open 15 more branches across AP and Telangana over the next three to four years," Ch Raghavendra Rao, chairman, VCB, told mediapersons here on Wednesday.
The bank, established in 1916, is organising its centenary year celebrations from February 5, 2015, to February 2016. As part of this, it has decided to provide an accident insurance scheme to all the savings bank accountholders with a nominal premium of Rs 30 per year. The bank has more than 250,000 savings accounts, he said.
Apart from this, VCB will focus on technologies. It plans to open for the first time 7-10 ATMs during the next fiscal, he said.
