Bank to have CBS and retail marts by April
All eyes on long-term measures to be announced by Reserve Bank of India
CMD reassures customers
GUNTUR: Andhra Bank will relaunch all its `Retail Banking’ products from April 2009 by repackaging in such a way that the business growth is at satisfactory levels against current 10 to 15 per cent.
Retail marts would be launched in all the towns and cities from April 2009 to help process the business requests faster as by that time entire bank would have come under Core Banking Solutions network, bank Chairman-cum-Managing Director R.S. Reddy told reporters here on Tuesday. During visit to the Guntur Zonal office, Mr. Reddy said that the bank with least Non-Performing Assets amounting to Rs.40 crores for a business of Rs.85,000 crores, was making credit outflow assessment and provide more for power and infrastructure through its Industrial Finance Banking facilities.
About 25 per cent of its loan book was corporate lending and very recently it had cleared about Rs.2,500 crores after his assuming charge a little over two months ago, the Chairman pointed out. Re-assuring bank customers that their money was safe in Indian banks and especially in Andhra Bank due to meagre exposure to banks that had failed in the United States or European countries, he pointed out that the Government’s initiative to improve liquidity by cutting down the CRR from 9 per cent to 7.5 per cent had taken care of immediate shock.
All eyes were on the long-term measures to be announced by the RBI on October 24 along with Credit Policy to improve the financial health of the banks, he added. Currently 300 branches were implementing Core Banking allowing customers net banking, anytime abnking, e-payment and mobile banking and by March 2009-end this facility would be extended to all branches.
Credit would be expanded very fast and the Turn-Around-Time would come down, he observed.