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VCB achieves milestone; crosses business of Rs 6,500 crore


VCB achieves milestone; crosses business of Rs 6,500 crore
VCB’s ATMs were operational 24/7 during COVID Lockdown: CEO
Amidst Covid-19, the biggest cooperative bank in the entire South India- Visakhapatnam Cooperative Bank has achieved a milestone by crossing the total business of Rs 6,500 crore. The bank has performed well on all the financial parameters in the 2020-21 FY.
The total business of the bank has been increased from Rs 6048 crore in 2019-20 to Rs 6,617 crore in 2020-21. The deposit grew from Rs 3680 crore to Rs 3,898 ((10.13 percent growth than last year) and Advances rose from Rs 2,368 crore to Rs 2,719 (14.31 percent growth than last year) as on 31st March 2021. ....

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Ex-MP Ravindra seeks relaxation in NPA Classification Norms


Ex-MP Ravindra seeks relaxation in NPA Classification Norms
AP Chapter of Nafcub writes letter to RBI
Chitturi Ravindra (Ex-MP), Chairman of Andhra Pradesh State Cooperative Urban Banks and Credit Societies Federation has written a letter to the Executive Director of Reserve Bank of India requesting a temporary relaxation in NPA Classification Norms.
The letter has been addressed on behalf of Urban Cooperative Banks of Andhra Pradesh. “We request you to allow temporary reprieve to UCBs, and permit classification of NPAs on the basis of 180 days norm instead of the present 90 days norm, demands the ex-MP.
The letter further reads, “RBI and Government of India have taken several measures to kick start the economy. Most of these measures were in the form of offering financial stimulus to borrowers in the form of restructuring of loans, rescheduling of payments, conversion of interest accrued into another credit facility, granting of moratorium etc. These have been ....

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