Chief Minister N. Chandrababu Naidu will be the chief guest at the 101st Founder’s Day celebrations of Karury Vysya Bank here on Saturday.
Bank’s Managing Director and CEO P.R. Seshadri told reporters here on Friday that Mr. Naidu would also launch online their branch at Bandarupalli near Amaravati with a population of 5,000 at the function being held at Vizag Conventions.He said KVB, leading private sector bank with headquarters at Karur in Tamil Nadu, was set up in 1961 by M.A. Venkatarama Chettiar and Athi Krishna Chettiar. It has a branch network of 764 with several innovative products for retail, commercial and corporate segments. It has 1774 ATMs and 505 cash deposit machines.
AP focus area
Stating that Andhra Pradesh with three divisional offices had remained the focus area for their bank, Mr. Seshadri said they had 12% of total business and 23% of ₹8,000-crore agricultural lending in the State. He said they were holding the 101st Founder’s Day celebrations in Visakhapatnam as the city had emerged as the main commercial hub of AP.
It has 14 branches in the city. The total volume of business is put at ₹100,000 crore in the State. Mr. Seshadri said “the workforce understands the needs of local clientele better.”
He said AP was the fastest growing State with the projection of 20% growth rate. The bank, he said had 12% of all India assets, 10% of revenue with an operating profit of 12% in AP. It has a net NPA of 3.24%.
Mr. Seshadri said now they had launched a big exercise for digital transformation by launching paperless loan sanction up to ₹1 crore to small and medium enterprises.
Bank President and COO K.V. Rao was also present
