Andhra Bank Vizag eyes Rs 250 cr new deposits

The Visakhapatnam zone of Andhra Bank, which covers Visakhapatnam, Vizianagaram and Srikakulam districts, is aiming to mobilise Rs 250 crore new deposits during this fiscal.

"We want to increase our deposits to Rs 1,900 crore by the end of this fiscal as against Rs 1,650 crore in March 2006. We mobilised Rs 50 crore in the first quarter," M Somanadham, Andhra Bank assistant general manager of the zone, told Business Standard.

The bank is anticipating about 30 per cent growth in the total business during the fiscal.

"By the end of last fiscal, the bank's total business touched Rs 2,400 crore. Keeping up the momentum, we are targeting to touch the Rs 3,100-crore mark (Rs 1,900 crore deposits and Rs 1200 crore advances) by the end of this fiscal," he said.

As far as advances are concerned, the bank has set a target of Rs 350 crore during this fiscal as against Rs 150 crore disbursed during the 2005-06 fiscal. "Apart from the priority sector, this year, we are giving importance to small scale industries and small and medium enterprises," he added.

The bank recently introduced AB demat for the benefit of its customers in the zone. After Hyderabad, Vizag is the second city where the bank is offering the facility to its customers, according to him.

"Initially, we are offering the facility at the Seethammadhara branch, which has more than 20,000 customers. By the end of this fiscal, the bank wants to expand this facility to two more branches in the zone," he noted.

During the next fiscal, the bank may introduce the facility in four-five more branches across the zone. Somanadham expressed the hope that the bank would earn more revenue through the demat service during this fiscal.