ANDHRA PRADESH

Andhra Bank registers 28 per cent growth

growth agenda: Andhra Bank Chairman and Managing Director R.S. Reddy with P.S. Subba Rao, Deputy General Manager, Andhra Bank, at a media conference in Eluru on Tuesday.

growth agenda: Andhra Bank Chairman and Managing Director R.S. Reddy with P.S. Subba Rao, Deputy General Manager, Andhra Bank, at a media conference in Eluru on Tuesday.   | Photo Credit: — Photo AVG Prasad

Staff Reporter

No impact of global meltdown on the bank, says Chairman

ELURU: R.S. Reddy, Chairman and Managing Director of Andhra Bank, on Tuesday said there was no impact of the global meltdown on the bank in terms of its growth rate.

Addressing a media conference here, he said the bank had registered a 28 per cent growth rate by the end of 2008-09 financial year, which was no less than the bank’s performance during the previous year. “There are no signs of our bank experiencing short-term effects of the economic slowdown yet. In the long-term, we have to wait and watch”, he added. Mr. Reddy asserted that Andhra Bank’s business turn over had crossed Rs. 1 lakh crore by March this year with its clientele base increasing up to 20 million.

New products

It also had achieved 100 per cent core banking solutions (CBS) in its branches all over the country.

Mr. Reddy informed that Andhra Bank had introduced certain new tech-based products such as non-personalised debit cards, internet banking and mobile alerts. The initiatives were aimed at helping its customers do the transactions without coming to the banks in person and thereby reduce strain on the staff.

The Andhra Bank chief said the bank personnel were freed from their ‘mundane’ jobs of issue of cheques and opening of accounts so that they could concentrate more on delivering quality services to the customers. Mr. Reddy stated that Andhra Bank was preparing ground to open its new branch in Malaysia as Reserve Bank of India (RBI) had okayed its proposal in this regard. Andhra Bank Deputy General Manager P.S. Subba Rao, outlined the activities of Andhra Bank in his Eluru zone.

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