Recently, a new Board of Directors was elected to lead the Visakhapatnam Cooperative Bank (VCB). This team came together and selected J.V. Satyanarayana Murthy as the Chairman and Chalasani Raghavendra Rao as the Vice-Chairman. The former Chairman, Manam Anjaneyulu, congratulated the new leaders. Both Mr. Murthy and Mr. Rao thanked the bank members and the directors for trusting and supporting them.
The election process for the Visakhapatnam Cooperative Bank began on June 16, when the Cooperative Election Authority (appointed by the Central Registrar) issued the election notification. As part of the process, they also appointed the District Collector of Visakhapatnam to act as the Returning Officer to make sure the election was carried out fairly and properly.
Visakhapatnam Cooperative Bank (VCB) is the biggest urban cooperative bank in South India and is among the top 15 such banks in India based on financial strength. After Andhra Pradesh was split into two states, the bank became a Multi-State Cooperative Society and now has branches in both Andhra Pradesh and Telangana.
The bank is 110 years old and has about 1.13 lakh members who have contributed around ₹400 crore.
