Public Lender Andhra Bank has set a CASA target of 35 per cent for the next fiscal from the present 31 per cent. To facilitate this,the bank has set a target to add 10 accounts per branch per day.
Accroding to R S Reddy, chairman and managing director, Andhra Bank, the bank has reached 40, 000 accounts per week. “Six months before we were adding 15000 to 16000 accounts per week. But with core banking solution introduced for all the branches, the numbers have increased manifold”, he said. Around 30 per cent of the account holders are high net-worth individuals.
The bank also plans to eye non-funded business as a new business opportunity and focuses on it in the new branches. Low cost retail deposits will also be given impetus by the bank.
Around 1000 of the 1438 branches of the bank in the country are present in Andhra Pradesh. From the 438 branches that are in other parts of the country, the bank receive 47 per cent of the business. Hence in order to expand Andhra Bank's footprints, the bank has got license for opening 121 branches in this year and around 50 per cent of them will be out of Andhra.
On Overseas expansion, Reddy said that the local regulation has increased and capital requirement is also very high for setting up branches abroad. Hence, the bank is not targetting the market at the moment.
