Speaking ahead of the opening of its central office here on Wednesday, 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.

The Visakhapatnam Cooperative Bank, established on February 5, 1916 with a single branch here has now grown to 35branches in 11 districts across Andhra Pradesh.

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.

After division of the state, in all there are 53 various urban banks functioning in Telangana with 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, 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 on Wednesday.

He said the bank's centenary celebrations will commence from February next year.

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