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Andhra Bank sets Rs 10, 000 cr business target; credit to MSME to increase

Vijayawada, Apr 4 (KNN) The state owned Andhra Bank whose earnings for the year 2013-14 stood at Rs 8,156 crore is planning to increase credit to the MSME sector with focus on housing and educational loans and popularising e-products --debit cards, mobile banking, and internet banking RTGS, NEFT, ECS.

Addressing a press conference here earlier this week, the Bank’s Deputy General Manager, G Ravi Kumar said, “The bank has plans to open 10 new branches and 25 ATMs in the current fiscal. This apart, we will be modernising 10 more branches under Navashakti project.”

The bank has set a target of achieving a total business of Rs 10,000 crore for the current fiscal.

Of this, the target for deposits has been fixed at Rs 5,500 crore and Rs 4500 crore for disbursement of loans, he said.

Speaking about the achievements during last fiscal, Kumar said 15.12 per cent growth was recorded in 2013-14 as against the previous year.

The deposits stood at Rs 4,304 crore compared to Rs 3,809 crore at the end of corresponding period, registering a growth of 12.99 per cent.

The advances recorded a growth of 17.59 per cent to reach Rs 3,852 crore on March 31, 2014 as against Rs 3,276 crore in the year ago period, he said.

The bank opened 10 branches and added 33 ATMs to the network scaling the total number of branches to 102 and ATMs to 85.