History & Profile
Social Life After the Formation of Human Survival Land
Human societies evolved with the foundation of agriculture, food production, and tool collection, leading to the development of settled communities.
Early Banking System
From around 1200-1300 BCE, banking systems emerged to facilitate value exchange and meet future needs. Over the centuries, it underwent many changes, especially during the 15th and 16th centuries.
Cooperative Movement in India
The Cooperative Movement began in 1880, and by 1904, it had taken root. “Kanakamahalakshmi Cooperative Bank Limited” was established in 1999.
Kanakamahalakshmi Cooperative Bank Silver Jubilee Celebrations
Over the past 25 years, the bank has supported the financial needs of Visakhapatnam’s middle-class residents. A meeting on January 14, 1998, with 41 dignitaries from Visakhapatnam, initiated its establishment, with efforts led by Shri Paruchuru Raghunadha Rao and coordination with the Registrar of Cooperative Societies and RBI.
Establishment
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.
Technological Support
» Head Office and Branches are fully Computerised
» All Branches/HO are on CBS platform.
» Currency counting machines are provided
» CC cameras are provided at Head Office and Branches also.
» Bio-Metric attendance Mobile App recorder introduced
» ATM & IMPS, UPI Facility provided at all Branches
» Bank is participating in CTS –Chennai Grid for Cheque Clearing through IDBI Bank.
» Bank has its own website www.kanakamahalakshmibank.com
Modern Facilities & Customer Service :
- Locker facility at all Branches.
- Online and Any Branch Banking.
- Sunday banking at Head Office & Convenient Working Hours.
- DDs and pay orders at competitive charges.
- Balance enquiry terminal at all branches for viewing balances/account statement.
- RTGS/NEFT facility.
- Personalized Cheque books.
- Deposit insurance cover as per DICGC Norms.
- ATM Debit card with swiping at POS and e-commerce facility.
- Mobile Banking / IMPS.
- Unified Payment Interface / UPI.
- ABPS (Aadhaar Based Payment System) & NACH.
- Transactional Alerts.
- Forex Services Available.
- Bank has its own website : kanakamahalakshmibank.com
Audit Grading
Since inception the Bank is getting “A” Grade consistently in statutory Audit.
Kanakamahalakshmi Bank’s Staff and Achievements
⇒ We introduced uniform clothing and identity cards to maintain discipline and commitment among employees.
⇒ Our dedicated staff actively contribute to the bank’s development.
⇒ The bank has achieved consistent dividend payment for shareholders.
⇒ Using advanced technology, we introduced the IMPS Mobile App, to enable clients to transfer funds to other bank accounts in seconds.
⇒ Palakol Urban Cooperative Bank was merged into Kanakamahalakshmi Cooperative Bank on January 21, 2010, without harming their shareholders or depositors.
⇒ A new building for the headquarters was purchased on October 31, 2011.
⇒ Ramakrishna Urban Cooperative Bank in Nidadavolu was merged into Kanakamahalakshmi Cooperative Bank on February 28, 2018.
⇒ Land in Vijayawada was purchased for future development in the state capital.
⇒ The bank has progressed and developed over the past 25 years, expanding to 33 branches with Turnover over Rs.1600 Crore .
Service Programs
- Bank distributed coins at the bank headquarters and Seethammadhara, Narasimhanagar, MVP Colony, Gopalapatnam, Muralinagar, Mathurawada, Vijayanagaram, and Srikakulam Rythu Bazars in order to address shortage of coins with retailers, farmers and consumers.
- After the Hudhud storm on October 21, 2014, we organized a free homeopathy camp at Akkayyapalem Bank headquarters.
- On November 4, 2014, we launched the Swaccha Bharat program at Akkayyapalem Bank headquarters, with the participation of Founding president, Board members, and staff.
- In 2015, we distributed free homeopathy medicines at various branches in the city, along with the bank headquarters, for the prevention of diseases.
- At the shareholder meeting on September 12, 2015, scholarships were given to encourage the children of shareholders excelling in their studies. This program continues annually.
- On November 1, 2015, at Akkayyapalem Bank headquarters, Dr. Kamineni Srinivas, the then State Medical and Health Minister, distributed health cards. Member of Parliament Kambhampati Haribabu and District Cooperative Officer Gauri Shankar were present. This health insurance facility is ongoing for members.
- On December 1, 2015, we distributed a thousand blankets to the elderly and poor at St. Joseph Old Age Home, Maharanipeta, Missionary of Charities at Convent Junction, and the elderly and poor in Srikakulam.
- The bank donated two water coolers with a capacity of 300 liters to provide drinking water for thousands of devotees at the Kanakamahalakshmi Ammavari Margasira Masotsavam in Burijipeta Street Visakhapatnam.
Additional Service Programs
- On November 16, 2016, we organized a free medical camp at Akkayyapalem Bank headquarters with the support of Apollo Hospital.
- On March 24, 2017, we donated Rs. 5,11,111 for construction of a restroom at the ISKCON temple premises.
- On May 12, 2017, we funded the civil library in Visakhapatnam with Rs. 1 lakh.
- On July 9, 2018, we held an eye disease prevention seminar with Shankar Foundation at the bank headquarters on our 19th anniversary. We also organized free ophthalmology camps in Kumili, Laveru, and Chodavaram villages, donating Rs. 3.5 lakh for eye surgeries and medicines for 100 people.
- In 2018 and 2019, we offered free blood tests and other medical examinations in various branches of the city.
- On November 14, 2018, we distributed books, stationery, and gifts to students at Nakkavanipalem GVMC High School.
- After the Srikakulam storm on November 17, 2018, we donated Rs. 5 lakh to the Chief Minister’s Relief Fund.
- On July 19, 2019, we supported the Jeer Educational Trust with a donation.
- On November 18, 2021, we donated Rs. 1 lakh to Vashishtha Gautami Pyramid in Rajahmundry for a meditation program.
Recent Service Programs
- Donated Rs 1 Lakh to The National Level Chess Championship 2023 Tournament for providing incentives to children under 11 on September 29, 2023.
- During the bank’s festivities (July 9, 2023, to July 9, 2024), branches honoured and congratulated clients for their contributions to the bank’s development.
- As part of this silver festival, a “blood donation camp” and “free medical camp” were organized at the Akkayyapalem Center on June 16, 2024, receiving a remarkable response.
- A three-day exhibition conducted at the bank headquarters in Akkayyapalem to educate students on ancient goods, coins, and stamps, with similar events in Palakol, Tanuku, Machilipatnam, with overall participation of 48000 students from 89 schools.