RAJAMAHENDRAVARAM
Going by the present economic scenario, the concept of urban co-operative bank should be encouraged. And the Union government, the State government and Reserve Bank of India should play a pro-active role in the setting up of more urban co-operative banks, as they are customer friendly, said M. Anjaneyulu, chairman (emeritus) of Visakhapatnam Urban Co-operative Bank.
He was addressing a meeting after the inauguration of the first branch of Rajahmundry-based Aryapuram Co-operative Urban Bank in the city, here on Thursday.
The Aryapuram Co-operative Urban Bank started its 14th branch in the State. All the other 13 branches are based in East and West Godavari districts.
Aryapuram Co-operative Bank chairman Ch. Sankara Rao said the bank was set up 99 years ago with a capital of ₹ 300 at Rajahmundry, and would celebrate the centenary next year.
M. Venkataramana, managing director of the CMR group, made the first deposit of ₹ 9,000 in the bank.