As a part of its technological modernisation initiative, the public sector Andhra Bank will cover all the branches in Orissa under the Core Banking Solution (CBS) by end of the current fiscal.
It has already migrated 40 branches to the new platform and intends to complete the process for the remaining 65 branches by March 2009, says S R K Prasad, Deputy General Manager (DGM), Andhra Bank said.
Addressing the media on the sidelines of launching the ‘AB privilege corporate salary account’ and ‘AB premium current account’ here, Prasad said, even the branches not having electricity and telephone connection will migrate to CBS by this time. The bank is providing services like internet banking, mobile alerts, instant debit card issue and online tax payments in the branches covered under CBS.
As a income augmenting measure, the bank also announced to launch sale of gold coins. Andhra bank is targeting a total business of Rs 3550 crore in the state by the end of the current fiscal which includes Rs 2250 crore deposit and Rs 1300 crore advances. It has already achieved a business of Rs 2957.44 crore by the end of December, 2008 which includes Rs 1839.78 crore deposit and Rs 1117.66 crore advances.
The bank has Rs 155 crore exposure to the small and medium enterprises (SMEs) covering 7000 accounts. Out of it, the bank has identified 596 accounts which require support. A rehabilitation package, which among other things includes rescheduling of loans. is being worked out, Prasad added.