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Innispeta Coop Bank to hold centenary celebrations tomorrow
The centenary celebrations of Innispeta Co-operative Urban Bank Limited, will be held on a massive scale on Sunday, in Kolla Veera Swamy Kalyana Mandapam. Palakodeti Gurumurthi established the bank on December 4, 1918, which was the first urban bank in the city.
Rajamahendravaram: The centenary celebrations of Innispeta Co-operative Urban Bank Limited, will be held on a massive scale on Sunday, in Kolla Veera Swamy Kalyana Mandapam. Palakodeti Gurumurthi established the bank on December 4, 1918, which was the first urban bank in the city.
Speaking to reporters here on Friday, the bank chairman, Kolla Achyutarama Rao (Babu) said that the bank was functioning as per the guidelines laid down by Reserve Bank of India (RBI), without any assistance from state government.
The bank has been doing a business of Rs 110 crore. The bank had a deposit base of Rs 70 crore as against of Rs 14 crore in November 2001. The bank had sent proposals to RBI to open three new branches.
“At present the bank is having three branches at Housing Board Colony, Syamala Nagar and Lalachervu. Plans are afoot to introduce ATM, SMS and foreign exchange facilities for the benefit of customers. At present RIGS and NEFT facilities are available. The bank is giving an additional interest of 0.5 percent on the deposits for senior citizens,” he added.
Chairmen of various co-operative urban banks and many others would participate in the centenary celebrations, Babu averred.
