Andhra Bank plans to add 15 new branches in the states of Punjab, Haryana, Uttaranchal, and Jammu and Kashmir next year. The bank, which has a strong branch network in south, is now working to consolidate its presence in North.
DGM North (Chandigarh) Zone of the Bank V S Sarma said the bank had 40 branches in the northern states (Chandigarh Zone). The resilient markets, growing business opportunities in the sphere of agriculture and allied activities and small and medium outfits had made the bank draw a road map for further expansion here.
He added the bank’s deposits recorded a growth of 46.53 per cent on a year-on-year basis in the financial year 2009-2010. According to him the advances were registered at Rs 1,347 crore.
Small and medium businesses and retail contributed to over Rs 300 crore of the total advances but the major thrust came from Haryana Power Utilities. He said the bank made an advance of over Rs 500 crore to the power utilities. He added that the unraveling of Punjab State Electricity Board could offer them potential business and they were in touch with senior officials in the state on this matter.
The bank has identified areas in Punjab to finance dairy farming. He informed that 20 out of 40 branches in the region were located in the hinterland to tap the rural customers.