Andhra Pradesh - Hyderabad   

Grameena Bank vies for better results

Special Correspondent

Sets a profit target of Rs. 36 cr.

HYDERABAD: The Andhra Pradesh Grameena Vikas Bank, which was formed recently amalgamating five erstwhile SBI-sponsored regional rural banks, hopes to achieve a business of Rs. 5,000 crores by the year-end as against the present Rs. 4,100 crores. It also plans to net a profit of Rs. 36 crores, improving it from Rs. 23 crores. A. Anantha Krishna, chairman, told a press conference here on Saturday that the bank, the biggest RRB in the country with the second highest number of branches, would extend agricultural loans of Rs. 1,000 crores at seven per cent interest and open 32 branches by March 2007. Its 483 branches are in Srikakulam, Vizianagaramm, Visakhapatnam, Khammam, Nalgonda, Mahabubnagar, Medak and Warangal districts. Deposits totalled Rs. 2,189 crores and advances came to Rs. 1,812 crores. The bank planned to introduce insurance cover for 50 lakh farmers and women at a very low premium and talks were on with LIC regarding this.

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