ANDHRA PRADESH

Andhra Bank to offer core banking in all branches soon

Special Correspondent

Aims to make 1.50 lakh cr. business by 2010



Bank offering reverse mortgage facility of houses for senior citizens

It has also introduced sale of 24 carrot gold in three denominations



VISAKHAPATNAM: With a view to providing technology-based customer products and services, Andhra Bank is migrating to Centralized Core Banking Solutions (CBS) and proposes to complete the entire process by the end of this financial year.

Of the total 1,410 braches the 85-year-old bank has, 1,000 branches had already been brought under CBS in a record eight months and the remaining would be completed by the end of March this year, said Deputy General Manager of the bank V.S. Sarma.

Facilities

Speaking to media persons in the zonal office here, he said that facilities like Internet banking, mobile alerts and issuance of instant debit card and online payment of tax (e-tax) had been launched. Reverse mortgage facility of houses for senior citizens (above the age of 60) had also been launched, the DGM said, asserting that the percentage of non-performing assets (NPAs) had been kept below at one per cent.

The total business of the bank, with a customer base of 18.50 million, was Rs.95,770 crores, Mr. Sarma said, expressing the confidence of crossing the Rs.1 lakh crore-mark by the end of March this year. The aim was to reach the Rs.1.50 lakh-crore mark by 2010, he said. The business channels consisted of 1,410 branches, 685 ATMs, 61 extensions counters and 38 satellite offices. It had also opened representative offices in Dubai and Jersey city in USA.

Advances

While total advances were Rs.53,742 crores, registering a growth of more than 22 per cent, total deposits amounted to Rs.42,028 crores, the growth being more than 34 per cent. Priority sector advances amounted to Rs.14,194 crores, which was more than the prescribed limit of 40 per cent. Similarly, agricultural advances amounted to Rs.6,485 crores, which was more than the prescribed minimum level of 18 per cent. Advances to small and medium enterprises (SMEs) was Rs.4,978 crores, the DGM said. More than 1.40 lakh farmers were brought into the bank’s fold during the current financial year, he said. More than two lakh self-help groups had been extended finance to the tune of Rs.1,507 crores. The bank had also introduced sale of 24 carrot gold in three denominations – 4 grams, 8 grams and 10 grams, with 999.99 per cent purity and a certificate.

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