Receives best bank award from Chief Minister K. Rosaiah
The bank to engage NGOs, retired bank and post office staff for extending services in villages
The bank to extend loans for individual housing, commercial complexes and industries
KADAPA: Andhra Pragathi Grameena Bank has emerged as numero uno among the five regional rural banks in the State in terms of net profit and received the best bank award from Chief Minister K. Rosaiah recently.
The bank achieved a total business of Rs. 7,081 crore registering a quantum rise of Rs. 961 crore over the previous financial year, bank Chairman K. Preetham Lal told a news conference here on Friday. It mopped up deposits of Rs. 3,517 crore, an increase of Rs. 479 crore (15.80 per cent) and its advances reached Rs. 3,564 crore with an increase of Rs. 481 crore (15.62 per cent) over the previous financial year, he explained.
Priority sector advances touched Rs, 3,125 crore recording a 21 per cent growth amounting to Rs. 540 crore, Mr. Preetham Lal said. Agricultural advances stood at Rs. 2,796 crore, an increase of Rs. 623 crore (29 per cent), he added. The bank achieved net non-performing assets at “zero” level, which was a record in 34 years since inception, and provided for liabilities, which would give it a further fillip. APGB earned a gross profit of Rs. 163 crore and net profit of Rs. 106.68 crore.
As part of the plans to extend computerised business services in 200 of the 360 branches of the bank across Kadapa, Anantapur, Kurnool, Nellore and Prakasam district, the bank recruited 121 probationary officers and 122 clerks who were computer-savvy, Mr. Preetham Lal said. The bank had taken up the recruitment after a long period to improve its staff strength of 2,000 personnel. About 110 banks would be computerised by September this year and the remaining by September next year, he stated.
To meet the Reserve Bank of India directive to extend banking services to all villages having a population of over 2,000, APGB conceived engaging of business correspondent system and would select NGOs, retired bank and post office staff and local people after duly verifying their antecedents, the Chairman said. One ATM would be set up in each of the five districts covered by the bank.
APGB, which was paying the highest interest of 7.50 per cent on deposits, would shortly venture into loaning for individual housing, commercial complexes and industries, he said.
30 new branches
About 30 new branches would be established within a year. The APGB would construct its own head office building soon. It targeted a total business of Rs. 9,000 crore in the new financial year, he added. It would hold camps to recover bad debts by offering interest rebate for those liquidating their liabilities.