Kanaka Mahalakshmi Co-operative Bank Limited.
The Cooperative Movement began in 1880, and by 1904, it had taken root. “Kanakamahalakshmi Cooperative Bank Limited” was established in 1999.
At the Shareholders meeting held on January 14, 1999, at Door No. 49-34-22, it was decided to set up a bank office in Akkayyapalem, Visakhapatnam. According to the Cooperative Societies Act of 1964, the bank was registered on February 27, 1999, under Registered No.2121. At the ruling class meeting held on July 8, 1999, we decided on the appointment of bank staff, banking deposits, and interest rates on loans.
The bank initially started with 1,707 members with a share capital of Rs. 38.38 lakhs. Thanks to the efforts of well-wishers, and the famous industrialist Sri Mullapudi Harischandra Prasad, the bank was launched on July 9, 1999. Visakhapatnam District Collector Narasingarao IAS, City Police Commissioner K. Durgaprasad, and District Cooperative Officer AVVS Prasad were present at the inauguration. With seven staff members working seven days a week, modern technology was introduced to the public with a variety of banking services at the corporate level, offering attractive interest rates on deposits and loans, Issuing demand drafts payable at parts of the country and the provision of a large number of DDs of the State Road Transport Authority (SRTA) were well recognized shortly after the bank was founded.
Since its inception, the bank has paid dividends and increased its funds. It has also been awarded with an “A” grade audit rating since its first year. On April 22, 2002, the bank converted to a Mutually Aided Cooperative Society under the APMACS Act of 1995.
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