Plan to open branches at Kakinada and Chittoor by the end of this fiscal, says Executive Director
Repatriates Cooperative and Finance and Development Bank (Repco) will be taking its bank strength in Andhra Pradesh from 9 branches to 20 in the next two years. This was disclosed by the bank’s Executive Director K. Rajendran at the bank’s annual business promotion meeting that was held here on Tuesday.
Disclosing its expansion plans to The Hindu, he said that the fully-owned government bank has got 9 branches at present in the State and by the end of this fiscal two more branches at Kakinada and Chittoor will be coming up and in the next two years the bank plans to set-up another 9 branches in the State.
Repco Bank, which was initiated in 1969 to help and finance repatriates from Sri Lanka and Burma, was merged into the main stream banking by the Reserve Bank of India in 1988.
Currently, we operate only in the four southern states of Andhra Pradesh, Kerala, Tamil Nadu and Karnataka and we have 88 branches, said Mr. Rajendran.
The ED said that 12 more branches would be added in the four states by the end of March in this fiscal. “In the next couple of years our focus will be on AP,” he said.Record growth rate
The bank which has recorded a growth rate of about 25 per cent, has grossed up a net business of about Rs. 10,225 crore from its 88 branches in the four states.
In AP the bank has done business of about Rs. 483 crore, with deposits at Rs. 133 crore and advances at Rs. 350 crore.
Coming to Krishna district the bank has done a business of about Rs. 135 from its two branches in Vijayawada region and about Rs. 55 crore from its two branches in Guntur district.
Mr. Rajendran said that despite the economic slowdown, Repco bank has achieved the ‘Nil’ status when it came to Net NPA and its Gross NPA was 2.6 per cent.