ANDHRA PRADESH

Union Bank’s thrust is on micro enterprises

Union Bank General Manager (MSME) T.K. Sharma and AGM M.C. Joshi at press conference in Visakhapatnam on Tuesday. —

Union Bank General Manager (MSME) T.K. Sharma and AGM M.C. Joshi at press conference in Visakhapatnam on Tuesday. —   | Photo Credit: Photo: CV Subrahmanyam

Staff Reporter

To set up 40 new branches and 60 ATMs in the State during current year, says an official



Recession has no effect on deposits, says GM

Profit for 2008-09 is Rs. 1,727 crores, he says



VISAKHAPATNAM: Union Bank of India, which is among top five public sector banks in the country, will set up 40 new branches and 60 ATMs in the State during current year.

Bank’s General Manager (micro, small and medium enterprises) T.K. Sharma, who was here to attend a credit camp at the regional office, told reporters on Tuesday that as on date they had 171 branches and 161 ATMs in the State. During the year, the bank opened 180 branches and 320 more would be opened in next nine months.

Target

He said they had decided to make the bank one of the three top public sector banks in the country by achieving 7-10 per cent growth over the industry’s growth by 2012.

Stating that the bank was focusing on MSME, he said Rs.16,200 crores was disbursed to the sector, accounting for 16.6 per cent of total advances. In next three years, the bank had set a target to earmark 20 per cent of advances to the MSME.

To a question on impact of downturn, he said the recession had no adverse effect on the bank deposits. In fact, the bank deposits were increasing compared to previous years, he said.

Mr. Sharma said the bank’s performance in Andhra Pradesh had been extremely good. The business mix of the State as on March 2009 was Rs.10,505 crores, comprising deposits Rs.4,903 crores and advances Rs.5,602 crores. The credit deposit ratio of the State was 114.28 per cent.

“Our exposure to agriculture advances in the State is around Rs.1,500 crores, which is 27 per cent of our total advances,” he pointed out.

Profit of the bank for 2008-09 was 1,727 crores, he added.

Union Bank Assistant General Managers M.C. Joshi, R. Subramanian, Chief Manager M.S. Prakasam and others were present.

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