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Visakhapatnam, Aug 27:  Chairman (Emirates) of Visakhapatnam Cooperative Bank (VCB), Manam Anjaneyulu has urged the Central and State Governments to take steps for the strengthening of cooperative urban banks in Andhra Pradesh. Speaking to yesterday ahead of the opening of its central office here today, Anjaneyulu said that government’s interference in the working of banks should be confined to positive guidance for effective functioning while the regulations should be helpful instead of hindering the operations. Also Read - Night Curfew Imposed in Andhra Pradesh, Theatres to Operate at 50% Capacity | List of Fresh Curbs Here

The Visakhapatnam Cooperative Bank, established on February 5, 1916 with a single branch here has now grown to 35 branches in 11 districts across AP . He said the bank was earning profits for the last 20 years without any trouble. The bank is planning to open three more branches in Kadapa, Kurnool and Ananthapur districts, Anjaneyulu said. Also Read - Andhra Pradesh Govt Announces 23.39% Pay Hike to Employees, Hikes Retirement Age by 2 Years. All You Need to Know

After division of the state, in all there are 53 various urban banks functioning in Telangana with a total deposits of Rs 3,900 crore and advances of Rs 2,600 crore . In Andhra Pradesh, there are 48 urban banks functioning with a total deposit of Rs 5,300 crore and advances of Rs 3,500 crore, he added.

Chairman of the Visakhapatnam Cooperative Bank, Ch Raghavendra Rao said total deposits for the bank was Rs 1,980 crore this fiscal and the advances stood at Rs 1,295 crore as of now. The new central office purchased by the bank will be inaugurated by District Collector N Yuvraj today. He said the bank’s centenary celebrations will commence from February next year.