Andhra Bank Vijayawada zone advances up 22.93%

The Vijayawada zone of Andhra Bank, at the end of the third quarter of the current fiscal, has recorded a growth of 22.93 per cent in advances to Rs 578.97 crore as compared to Rs 470.96 crore in the same period last fiscal.

The deposits grew 6.18 per cent growth to Rs 976.92 crore as compared to Rs 920.02 crore in the corresponding previous quarter.

Speaking to Business Standard, N Patel, deputy general manager Andhra Bank, said, "The zone expects to do a total business of Rs 1,865 crore which includes Rs 1,230 crore in terms of deposits and Rs 635 crore in terms of advances by the end of the current financial year."

The bank currently has 73 branches and six extension counters in Krishna district. In Vijayawada city the bank operates through 23 branches and 12 ATMs.

"The bank would open one more branch and set up two more ATMs in Vijayawada before the end of the current financial year," Patel said.

Apart from the 12 ATMs in the city, it also has five ATMs in other parts of the district. Patel said the bank in the last quarter would aim at mobilising more current and SB accounts.

He said that 67.58 per cent of advances in the zone had been disbursed to the priority sector such as against the RBI norm of 40 per cent during the first three quarters of the financial year. The bank's advances in the zone towards the agriculture sector constituted 35 per cent of the total advances as against the target RBI norm of 18 per cent.

"A total of 3,435 crop loans totalling Rs 7.82 crore have been converted into term loans and fresh crop loans amounting to Rs 5.68 crore have been given to 2,137 new farmers," he said.

The bank, he said, is marketing value added insurance and welfare products such as Abhaya Gold, Jeevan Abhaya, Arogyadaan, AB Jeevan Prakash and AB Jeevan Prakash Plus.

"In the non-banking segment, the bank is serving customers with insurance products of United India Insurance and mutual fund products of Principal, Tata, UTI and SBI. It is also helping customers in credit cards, student cards, central saving bonds, and payment of taxes and telephone bills, and fund transfer through Western Union," he said.

According to him, the recently introduced AB Vanitha Vahan, a four and two wheeler loan scheme for women, had become popular among the targeted groups.

On the social responsibility front it, distributed 10-kg rice each to 500 fishermen families who were affected by the tsunami at Kanurupallipalem, near Machilipatnam.