Sri Coop Urban Bank on path of progress

Kakinada: Sri Cooperative Urban Bank located on Jawahar Street here earned a good reputation in the financial year 2012-13, Chief Executive Officer DSN Murthy informed at a meeting chaired by Ch. SSRK Choudary on the bank premises on Sunday. The bank with a share value of Rs 76 lakh, deposits worth Rs 13 crore and Rs 10 crore loans is doing a business of Rs 23 crore, he said.

It deposited bonds worth Rs 3.33 crore as per the orders of the Reserve Bank, he said. From the beginning the bank was running on profits and earned Rs 20 lakhs, the CEO said. The Reserve Bank has recognised that their bank has earned Grade ‘A’ in audit every year, by taking immovable and non-performing assets as 0 per cent from the past 13 years, he said. The members hailed this.

The meeting agreed to pay a dividend of 12 per cent this financial year. Customers of the bank congratulated the management for running the bank in profits. Bank vice-president Nallam Krishna, Directors Morella Jayashankar, Janakiram Prasad, Suresh Kumar Sharma, Vinod Aggarwal, Veeranna Choudary, Giri Pomra, Balla Veeranjaneyulu and Krishna Paramatmulu suggested ways and means for the growth of the bank.