Staff Reporter

Customers can now route their banking transactions at any branch of Saptagiri Grameena Bank

GUDIVADA: Saptagiri Grameena Bank has completed introduction of online banking facility in all its 127 branches in Krishna and Chittoor districts.

K.S. Nageswara Rao, bank’s regional manager, Krishna district, said in a statement on Monday that the bank had introduced the new online system in a record three months’ time, well ahead of the period stipulated by the Centre.

The Union Finance Minister had directed all the regional rural banks to complete the process of online banking implementation by September 2010. Mr. Rao claimed that the Saptagiri Grameena Bank was the first RRB in the State to reach the goal.

Customers can now route their banking transactions at any of the branches of the bank in the two districts. The bank was also planning to introduce RTGS facility very soon to enable its customers utilise services from any of its branches for remittances, he said.

The bank had a total business of Rs. 2488 crore as on December 2009. Of this, there are deposits to the tune of Rs. 1168 crore and advance of Rs. 1320 crore.

In the last nine-month period up to December 2009, the bank had earned a gross profit of Rs. 29 crore, he said.

The bank, through its 49 branches operating in Krishna district, had disbursed Rs. 40.39 crore to 2797 self-help groups against a target of Rs. 52.43 crore to 3146 SHGs, achieving a 77 per cent target, Mr Rao said.