18 th annual general meeting to be held on 18-09-2016
OUR 4th Branch at Hasthinapuram, on Nagarjuna Sagar Road to be inaugurated on 12-09-2016
ATM INSTALLED AT BARKATPURA BRANCH ON 10-08-2016
Constitution of BOM: UCBs with deposit size of Rs 100.00 crores and above are required to constitute Board of Management as per the directive of Reserve Bank of India in order to be eligible for expansion of the area of operation and to open new branches. Accordingly, we are taking the required steps for the formation of BOM.
COVID – 19: The widespread of Covid-19 pandemic, has its adverse impact over the entire worldwide financial sector, also on Banking Industry. Our Bank is following all guidelines issued by RBI from time to time including three months on loans repayable in EMIs and moratorium of six months interest on working capital loans. As a social responsibility, The Bank is implementing all measures to prevent the spread of the virus, continuity of business, the strength of recovering from disruption under severe conditions. The bank is educating customers to use digital banking facilities as far as possible.
Ordinance: Union ( Central ) Cabinet has recommended an amendment to the Banking Regulation Act 1949, and it was approved by The Hon’ble President of India. The ordinance was promulgated on June 26, 2020. The ordinance was given wide positive publicity that it creates confidence in the depositors of C0-operative Banks, resulting in growth and development of the sector. The amendment enables RBI to have more supervisory powers over the cooperative Banks.
SARFAESI Act 2002 – Supreme Court of India pronounced a judgment by upholding the applicability SARFAESI Act 2002 to Cooperative Urban Banks, minimizing the dependence on the cooperative department for resolutions through arbitration. It will be helpful for our Bank for the speedy recovery of over dues in NPA accounts.
Elections: On the expiry of the term of previous Board, elections were conducted in our Bank during Nov 2019.
Deposits insurance: We have been regularly insuring our deposits with DICGC. The latest premium paid up to September 2020 and next premium is due in November 2020. Intending to provide a greater measure of protection to depositors in Banks, the DICGC, a wholly-owned subsidiary of RBI, has raised the limit of insurance from the present level Rs 1.00 lakh to Rs 5.00 lakhs per depositor with effect from 4th Feb 2020. We have communicated the matter to all our customers and the general public also to promote confidence in our bank.
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