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Guiding force of the Bank

Personal Profile of Sri.Manam Anjaneyulu

Sri.Manam Anjaneyulu, a journalist, Trade Union Leader, particularly of un organized masses and above all a hard core communist, has taken the reins of administration of Visakhapatnam Co-operative Bank on 29/06/1983.He became a guiding force in developing the Bank from Rs.69,19,000/- deposit base in 1983 to Rs.2119 crores by the end of the year 2014, by virtue of his hard work, vision and leadership. His indomitable spirit made the Visakhapatnam Co-operative Bank Ltd., stand up like a giant in the Urban Banking Sector in the state of Andhra Pradesh expanding a unit bank to 35 branches in a span of 30 years of his chairmanship.

His services all these years are not limited to the Visakhapatnam Co-operative Bank Ltd., alone, but extended to national level Co-operative Urban Banking movement. He was responsible to bring all the bank managements of A.P under one roof, ’A.P Urban & Town Co-operative Banks Association’ in the year 1986, an exclusive state Organization affiliated to National Federation of Co-operative Urban Banks And Credit Societies Limited(NAFCUB).He was general secretary, and now Honorary President of the A.P Co-operative Urban Banks and Credit Societies Association.

He was Director and Vice-President of NAFCUB representing Co-operative Banks at National Level and the latest assignment as Director representing state level organizations. He was in the panel for several committees empanelled by Government including the Experts Committee and TAFCUB in the state of Andhra Pradesh and Member to Advisory Committee, Institute of Co-operative Management, Hyderabad. He authored several articles on different occasions and contributed to different vernacular dailies and magazines. He was a member of 10th A.P State Legislative Assembly. He was uninterruptedly chairman of the Bank ever since he was elected in 1983 to till he had handed over the responsibilities to Sri.CH.Raghavendra Rao. Some period he was also designated as chairman emiritus. He resigned to the post of director on 23.06.2024 and he is a permanant invitee to the Geneal Body of the The Visakhapatnam Co Operative Bank Ltd. He is admired as an icon of cooperative movement.

Chairman

Sri.CH.Raghavendra Rao, Chairman:

Sri Chalasani Raghavendra Rao hails from a freedom fighters family of Nuziveedu in the Krishna District of Andhra Pradesh. Born on 16th November, 1955 to Sri Chalasani Jagannadha Rao & Smt Jayaprada in a rural background to whom agriculture was predominantly the mainstay.

He joined the Hindustan Zinc Ltd (then PSU), Visakhapatnam, served there until 2001 and parted through golden handshake. During that period, he took active part as a Trade Union Leader and served as District Secretary in the AITUC, Visakhapatnam.

This quality of leadership was recognised by the shareholders of the Visakhapatnam Cooperative Bank and he was elected as its Director in 1993. Being energetic and possessing abundant leadership traits, he worked in tandem with his predecessor and the then Chairman of this Bank, Sri Manam Anjaneyulu garu, grasping the functions of the Bank and the enduring chores of its administration. In his inherent dynamism and proactive spirits whenever opportunities knocked him, Sri Raghavendra Rao earnestly embraced & involved to liaison with stakeholders and the governing bodies — Reserve Bank of India, Co-operative Ministry, Co-operative Department, et al. His meritorious service was recognized by the Bank and shareholders elevated him to the position of Executive Director in 2010. As an Executive Director, he learnt the nuances of Cooperative administration and endeavoured zealously in the expansion of the Bank business.

Sooner his capabilities were recognised. In the year 2013, Sri Ch Raghavendra Rao was elected to the position of the Chairman of the Bank by the Board, thereupon succeeding his reverential mentor, enduring executive on the Board, Sri Anjaneyulu.

Progresses achieved in quick succession:

Statistically derived —

  • The number of branches grew from 32 to 51 within a time span of eleven years;
  • Number of A class members from 42,040 in 2012-13 to 1,04,865 by 2023-24 (a rise of almost 150%).
  • Share capital grew from Rs. 67.18 crores in 2012-13 to Rs. 352.61 crores in 2023-24 (a growth of 425%).
  • Deposits grew from Rs. 1539.90 crores in 2012-13 to Rs. 4148.30 crores in 2023-24 (a growth of 169%).
  • The lending has increased from Rs. 1103.58 crores in 2012-13 to Rs. 3,199.24 crores in 2023-24 (an increase of 190%).

Administratively established—

  1. Swiftly upon his assuming the responsibility of Chairman of the bank, its Head Office was shifted to an exclusive building for administration, in the centrally located Dwarakanagar area of Visakhapatnam, a property at sector-centric location with improved access & modern conveniences.
  2. Core Banking System was introduced in the year 2013 replacing the traditional manual book-keeping system.
  3. A dedicated website for the Bank was developed and launched. Services are offered mostly free of charge while presently the Bank pays 4.5% interest on Savings bank accounts. 
  4. Since 2017 ATMs were introduced in several of its branches in line with the service model of contemporary banking sector and rendering the service facility at 36 locations as on date.
  5. Under his enterprising decade long stewardship, the Bank acquired Nine properties to house respective branches operating in these locations; thus the total number of branches operating from own premises stands at Seventeen.

To enhance contribution of services to the society and to improve earnings of the bank, beginning from the year 2015, the Bank has taken-up corporate agency (Bancassurance) with LIC of India to sell their policies. To sell general insurance policies, a similar tie-up with IFFCO TOKIO was also made apart from sourcing an agency with United India Insurance; the Bank also sells Pradhan Mantri Jeevan Jyothi Bima policies, a low-cost Life Insurance for the public.

  • To offer hassle-free judicious settlement of disputes to its (borrowers) customers, an Arbitrary Tribunal was established in the year 2016.
  • To cater improved operational supervision over the increased number of branches, Zonal Offices were established.
  • Several improvements were made in the welfare schemes offered to the Members and Account Holders.
  • The limit of medical Insurance cover to Shareholders, a Member Welfare gesture, already in vogue were increased from Rs. 20,000/- to Rs. 50,000/- per member per annum while extending the health cover to spouse of such Members as well i.e. accumulative cover of up to  Rs.1,00,000/-
  • A low cost Group Accident Insurance Policy was offered to account holders opting to subscribe.
  • Small business loans and Daily Collection Loans were introduced for the benefit of small entrepreneurs in line with cooperative principles. 

Evidently, Sri Raghavendra Rao in a little while since adorning the Chairman role has taken The Visakhapatnam Cooperative Bank Ltd., to new heights with his commendable leadership qualities, innovative social additives and astute approach.

Today our Visakhapatnam Cooperative Bank stands tall remarkably as one among the top 4 urban cooperative banks in the country as a whole besides being an obvious topper among the Urban Banks based in southern part of our nation.  The bank is eagerly awaiting an endorsement of RBI for Scheduled Status.

Contributions of Sri Ch Raghavendra did not end with these. Apart from developing the Bank, he extended his interest in the progress of all Urban Banks and credit societies in the State. With that mindset he has set himself a loftier goal of organising the Urban banks; bringing them under one platform to ensure uniformity in implementation of cooperative principles as well providing necessary consultancy and assistance to the needy in this sector.  Accordingly, he took active role in the formation of the Andhra Pradesh State Urban Cooperative Banks and Credit Societies Federation post-bifurcation of the state of combined Andhra Pradesh.  Leaping forward in that unquenchable thirst he became Member – AP Task Force Committee, constituted by Reserve Bank of India (for Urban Banks), Director of National Federation Of Urban Cooperative Banks And Credit Societies Limited (NAFCUB) and Secretary to Andhra Pradesh State Urban Cooperative Banks and Credit Societies Federation.

Sri Raghavendra Rao’s most outstanding contributions to the  operational environment of the bank has been his pioneering initiatives creating a world-class infrastructure to align towards future generations and also to facilitate its Members & Customers, employing latest technologies — is one of the important milestones of transition in the bank’s 109 years history.  Implementation of RuPay Debit Card facility (since 2016) and mobile banking facility evidently exhibits his sustained competitiveness leading this cooperative bank in the contemporary banking ecosystem.