 "Grameena bank eyes 20% rise in deposits")
Andhra Pradesh Grameena Vikas Bank expects a growth of over 20 percent in its deposits during the financial year 2015-16 on the back of new branches. Deposits grew to Rs 8,178 crore during fiscal 2014-15 as against Rs 6,791 crore as of March 2014.
The bank, which operates 704 branches both in Telangana and Andhra Pradesh, added 24 new branches in a single day on March 30. With this, its total network has increased to 728. All the new branches have come up in the three north coastal districts of Andhra Pradesh, according to V Narsi Reddy, its chairman.
Its advances stood at Rs 8,802 crore, of which about 70 per cent comprises agricultural loans and the remaining housing, education and gold loans, he said. The bank would focus on the MSME sector from the next fiscal, he added.
Stating that some 80 branches were operating in losses, he said they were able to bring down the NPA level from 4.43 percent in March 2014 to 3.6 per cent this fiscal, and would reduce it further in the next fiscal.
The bank, which operates 704 branches both in Telangana and Andhra Pradesh, added 24 new branches in a single day on March 30. With this, its total network has increased to 728. All the new branches have come up in the three north coastal districts of Andhra Pradesh, according to V Narsi Reddy, its chairman.
Its advances stood at Rs 8,802 crore, of which about 70 per cent comprises agricultural loans and the remaining housing, education and gold loans, he said. The bank would focus on the MSME sector from the next fiscal, he added.
Stating that some 80 branches were operating in losses, he said they were able to bring down the NPA level from 4.43 percent in March 2014 to 3.6 per cent this fiscal, and would reduce it further in the next fiscal.