Kakinada Cooperative Town Bank Attains Tier-III Status; To Commission 2,000-Locker Plaza
Kakinada (Andhra Pradesh), June 29 (TNT): Kakinada Cooperative Town Bank has attained Tier-III status under the Reserve Bank of India (RBI) norms after its total deposits crossed the ₹2,000-crore mark, Bank Chairman Chitturi Ravindra said on Monday.
Addressing a press conference here, Ravindra, a former Member of Parliament, said the 46-year-old bank has also emerged as the second-largest among the 46 urban cooperative banks in Andhra Pradesh, with its total business exceeding ₹2,040 crore.
He said the bank has constructed a multi-storeyed Locker Plaza with a capacity of 2,000 lockers. The facility will be commissioned from July 1, with 800 lockers being made operational in the first phase.
The bank, which has entered its 47th year of operations, currently has 18 branches across Kakinada, East Godavari, Dr. B.R. Ambedkar Konaseema and Visakhapatnam districts. Two more branches will soon be opened at Samalkot and Pithapuram, he said.
The bank also operates eight ATMs and plans to install a cash deposit ATM shortly.
Ravindra said that as on March 31, 2026, the bank’s deposits stood at ₹1,235 crore, while advances were ₹804.12 crore. Investments totalled ₹552.14 crore, including ₹401.05 crore in government securities and ₹151 crore with other banks.
The bank has 55,605 members with a share capital of ₹28.63 crore. Its own funds have reached ₹198.20 crore, and the Board has declared a dividend of 12 per cent for members.
He said the bank posted a net profit of ₹16.18 crore during the last financial year after paying income tax of ₹5.61 crore and maintained zero net non-performing assets (NPAs), describing it as a significant achievement.
Explaining the RBI classification, Ravindra said urban cooperative banks with deposits below ₹100 crore are classified as Tier-I, those with deposits between ₹100 crore and ₹1,000 crore as Tier-II, between ₹1,000 crore and ₹10,000 crore as Tier-III, and above ₹10,000 crore as Tier-IV.
Bank Chief Executive Officer C. Sugunakara Rao and Board of Management Directors Garapati Achyutha Kalyana Prasad, Reddi Veera Venkata Satya Prasad and Valluri Narayana Prasad Choudary were present.
TNT TMR
