The Andhra Pradesh Grameena Vikas Bank (APGVB), a sponsored RRB of State Bank of India, on Monday opened 24 new branches in the three districts of Visakhapatnam (11 branches), Vizianagaram (3 branches) and Srikakulam (10 branches).
Chief General Manager, State Bank of India, Hyderabad CR Sasikumar participated as the chief guest at the inaugural of Peda Gantyada branch and from there opened 23 other branches online.
APGVB chairman V. Narasi Reddy, general manager Y.N. Sukumar and regional managers MS Prasad, BSN Raju and DV Ramana were present. Mr Sasikumar also visited a Bank Mitra stall set up by the bank in Peda Gantyada and witnessed the financial transactions carried out through business correspondent model of branch less banking. Chairman Narasi Reddy addressed the bank’s SHG customers and disbursed loans of Rs 4.18 crore. The bank has financed 1,74,977 Self Help Groups with a loan outstanding of Rs. 3,298.56 crore , which is the highest financed by any RRB in the country. APGVB’s share of SHG financing in the three districts of Visakhapatnam, Srikakulam and Vizianagaram is more than 80 per cent. The bank has also extended loans of Rs. 3,444.97 crore to agriculture sector.