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Andhra Bank will continue to support SME sector: DGM

Staff Reporter
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Andhra Bank Deputy General Manager K. Venkateswarulu addressing a media conference in Guntur on Friday. — PHOTO: T. VIJAYA KUMAR
Andhra Bank Deputy General Manager K. Venkateswarulu addressing a media conference in Guntur on Friday. — PHOTO: T. VIJAYA KUMAR

Andhra Bank will host a meeting of importers and exporters here on Saturday to press home the advantages of investing in the Small and Medium Enterprises (SME) sector, according to bank Deputy General Manager K. Venkateswarulu.

Mr. Venkateswarulu said here on Friday that the meeting would be held at Grand Nagarjuna Hotel as part of the Founder's Day celebrations. Bank personnel took part in a blood donation camp on Thursday.

Briefing newsmen about the activities of the bank, the DGM said that bank would continue to support small and medium sector and so far, the bank lent an amount of Rs.1,615 crore to the SME sector.

Mr. Venkateswarulu said that a new branch of the bank was being opened at Telagayapalem village in Kakumanu mandal on November 28 as part of the Founder's Day celebrations. The bank has been one of the fastest growing branches in the country with a total business volume of Rs.1.68 lakh crore (till the end of September 2011), he said.

Tracing the origin of the bank which had a humble beginning in the year 1923, when it was opened by Pattabhi Seethamaiah in Machilipatnam, the DGM said the bank had come a long way in meeting the diverse needs of the agriculture, industry, and service sectors.

Business volume

In Guntur district alone, the bank's total business volume reached Rs.5,320 crore and the bank had been actively taking part in the financial inclusion programmes of the State and Central governments. Crop Loans worth Rs.1,262 crore was lent to farmers with Rs.400 crore loan disbursed during the kharif.

The bank had also been actively meeting the diverse needs of the customers has so far lent Rs.588 crore for housing purpose, he said.

Assistant General Managers Vasudeva Murthy and Sudhakar were also present.


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