YSRCP Member of Parliament from Machilipatnam V. Bala Shourie has urged Prime Minister Narendra Modi to merge the Union Bank of India and the Corporation Bank with the Andhra Bank, and name it as Andhra Bank and set up its headquarters either in Vijayawada or Machilipatnam.
In a letter to the Prime Minister, Mr. Bala Shourie said Andhra Bank had a rich legacy and a deep connection with the people of Andhra Pradesh.
‘Humble beginning’
The seeds for the bank had been sown in Machilipatnam by Bhogaraju Pattabhiramaiah a century ago with an initial paid-up capital of ₹1 lakh and authorised capital of ₹10 lakh, he said in the letter.
“With the strenuous efforts of the staff of Andhra Bank, the successive governments of Andhra Pradesh, and Telugu people, the operations of the bank have grown by leaps and bounds. Now, its business turnover stands at more than ₹4 lakh crore,” the MP said. While lauding the initiative of the Union Finance Minister to merge the nationalised banks, the MP urged the Prime Minister to continue the identity and legacy of Andhra Bank.
“The bank’s symbol has two colours – red and blue. They indicate dynamism and solidarity. The pride and prestige of the Telugu people are attached with the Andhra Bank. Merging it with the UBI will hurt the sentiments of the people. Secondly, the bank is recognised the world over as a Telugu Bank,” the MP said.
