About - HISTORY OF

NELLORE CO-OPERATIVE URBAN BANK Ltd.

100 years in service, with the spirit of the Cooperation, the Bank is growing day by day from its formation, gaining trust of the Depositors by providing Safety and Security to their funds deposited in the Bank and lending to lower and middle class people to provide financial assistance for their development.

Primarily, the NELLORE CO-OPERATIVE URBAN BANK Ltd is registered as “The Nellore Co-operative Credit Society Ltd., No.2319” on 27th September 1917 Subsequently the Society is converted as THE NELLORE CO-OPERATIVE URBAN BANK Ltd. On 16th September 1929 and later it is named as THE NELLORE CO-OPERATIVE URBAN BANK Ltd . The Reserve Bank of India issued a banking licence on 30th December 1987 vide license No.UBD.AP.953P. For last 100 years the Bank is rendering its services to its members with trust and dedication. The following Chairmen and Secretaries have headed the bank in bright path.

The Bank got A grade in Auditing, incurring profits continually and issuing 15% to 20% of Dividend to its members from last decade. The Bank has never incurred any loss in single instance and there are no any Bad Debts existing in the Bank. The Bank is paying interest on Deposits to the public ranging from 6.25% to 10.00% depending on the tenure of the Deposits besides allowing 0.75% extra to the Senior Citizens at all levels.

The Bank is advancing loans to the Weaker Section and other down trodden inhabitants in the District for the following Schemes against the simple mortgage of house hold property ranging from Rs.20,000/- to 20,00,000/-. The Bank is advancing for several types of activities like Dairy, Small Business, Mechanical workshops, Petty Traders like Vegetable Vendors, Kirana Shops, Pan Shops, Purchase of Auto Rickshaws, Education Loans, Repairs to existing Buildings, improvement to Old Buildings and Loans against Gold Ornaments. The repayment schedule is ranging from 3 years to 20 years.

The Bank is providing Safe Deposit Lockers facility to the Public in all Branches. The Bank is safeguarding the deposits of the Public by paying premium to the DICGC, a subsidiary of the Reserve Bank of India.

The Bank is providing NEFT / RTGS / IMPS facility for its customers to transfer their funds to any Bank and funds from other Bank to the Bank from anywhere within the country.

CBS system is implemented in TWO branches at Nellore city in Head Office, Vedayapalem branch.

The Bank is fully complying the norms issued by the Reserve Bank of India, the regulatory Authority to the Banks from time to time. No default in CRR/SLR maintenance in any one occasion in the Banks history and has good level of Capital Adequacy.

The Bank has been elected Board in the year 2012 for a period of 5 years consisting of Chairman, Vice Chairman and 12 other Directors.