State Bank of India (SBI), Andhra Pradesh Circle, will be opening 40 more branches and about 100 ATMs across the state next fiscal. |
"Currently, we have 823 branches and 293 ATMs in the state. By the end of this fiscal we will add three more branches and about 40 ATMs. We plan to open 40 new branches and 100 ATMs across the state next fiscal," S K Bhattacharyya, deputy managing director of SBI, told Business Standard. |
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In the current fiscal, SBI's Andhra Pradesh Circle has been focussing more on opening new accounts. |
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"We opened only 1.5 lakh new accounts last fiscal and we targeted to open at least three lakh new accounts this fiscal. But 5.23 lakh customers have joined the bank in the first 10 months of the current fiscal itself. We expect this figure to touch the six-lakh mark by the end of the current fiscal. And with the increase in new accounts, we also expect our low-cost deposits to increase significantly," Bhattacharyya said. |
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"SBI's Andhra Pradesh Circle has registered a remarkable growth in agricultural lending during this fiscal. In the current year, the bank has advanced Rs 861 crore for agricultural sector up to January, as compared to Rs 250 crore during the entire last fiscal, representing a growth of about 250 per cent," he said. |
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"And in the personal banking division, the bank has given loans worth of Rs 1,307 crore till January. We expect this to increase to Rs 1,400 crore by the end of this fiscal, as against the Rs 1,000 crore sanctioned last fiscal, he added. |
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"Despite witnessing a downward trend in NRI deposits, we hope that the bank's new deposits will match last fiscal figures in the current fiscal. The circle has garnered Rs 1,500 crore new deposits last fiscal, and we expect our new deposits to cross the Rs 1,500-crore mark by the end of the current fiscal," Bhattacharyya said. |
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"With a collective effort, we have managed to reduce our NPA in the circle by four per cent this fiscal. By the end of March 2004, our gross NPA was 10 per cent and now it has dropped to six per cent," he added. |
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"Out of the 823 branches in the state, the bank has extended the core banking facility to 120 branches so far. By the end of this fiscal, another 80 branches will get this facility, and during the next fiscal we plan to bring another 300 branches under the core banking cover. Each of our existing branches in the state has been generating profits, and so we expect a 20 per cent growth in net profits this fiscal," he said. |
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