Kanakamahalakshmi Coop Bank celebrates 20th anniversary in Visakhapatnam

Visakhapatnam: The 20th Annual General Body meeting of The Kanakamahalakshmi Cooperative Bank Ltd is held at Kakatiya Convention Centre, near Satyam Junction on Tuesday. Founder chairman P Raghunadha Rao, speaking on the occasion, said that the bank made progressive steps over the years due to customer loyalty and support.

The members clapped with joy when chairman announced that the bank completing 20 years of its existence. In addition to normal 12 per cent of dividend, a special dividend of 3 per cent making a total of 15 per cent will be paid this year. Chairman first explained the progress and activities of the bank saying that the account holders were given technology oriented better services.

Further, in addition to banking activities, the bank is actively participating in many social activities and projects. The poor were provided with free medical and educational services. On the event of 20th anniversary of the bank, the members having less than 50 shares will have mediclaim cover of Rs 30,000 and those having 50 and above shares upto Rs 50,000 cover with floater benefit.

Chairman P Raghunadha Rao announced the cover will be to the members who agree to contribute a portion of the premium and give consent letter for debiting contribution. The bank expanded with 24 branches spread over 7 districts and that permission of RBI waited for 12 more branches. In this connection, the Chairman distributed awards and merit certificates to meritorious children of members 12 from 10th class and 15 from Intermediate.

K Syam Kishore, Chief Executive Officer presented the bank's 20th annual administrative report to the members. Bank Vice Chairman K Rambabu, directors and other staff participated in the programme.