Andhra Pradesh   

Two urban banks merge

VIZIANAGARAM: Bobbili Urban Bank has officially merged with Visakhapatnam Urban Bank.

R.K. Sujayakrishna Ranga Rao, MLA from Bobbili and Manam Anjaneyulu, Chairman of Visakhapatnam Urban Bank on Thursday formalised the merger. The bank started its business transaction immediately after the inaugural function.

Bobbili Urban Bank was set up in 1917 by V. Ramalinga Swamy Pantulu. The bank deposits touched Rs. 50 crores in 2002-03 and sanctioned Rs. 22 crores as loans.

Following a directive from Reserve Bank of India, the bank suspended its operations after Rs. 5-crore fraud was detected in 2004.

Keeping in view the interests of depositors, Mr. Sujayakrishna Ranga Rao made every effort for its merger with Visakhapatnam Urban Bank.

The counselling for the 312 selected contract ANMs will be held at the Collectorate on November 19 for the candidates in Vizianagaram revenue division and on November 20 for the candidates in Parvathipuram revenue division, according to District Medical and Health Officer V. Venkateswara Rao

Talking to reporters on Thursday, Dr. Venkateswara Rao said that he received the message in this regard from Commissioner (family welfare).

Following announcement of the dates, the ANMs, who were on a relay fast since November 5, called off their agitation.

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