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State Bank of India (SBI) will open about 100 new branches in Andhra Pradesh (both Telangana and Seemandhra) during the next fiscal. As on date, it has has 1,382 branches in the state and by the end of this fiscal, this would touch 1,400, said CR Sasi Kumar, chief general manager, SBI.
Continuous agitations had affected the bank's business and growth had fallen significantly in AP during the current fiscal. However, SBI was anticipating more than 20 per cent growth, particularly in Seemandhra, during the next fiscal and about 10 per cent in Telangana, he added.
"After the announcement of state bifurcation, we have got clarity. In Seemandhra, industrial and economic activity will get a boost because of the incentives announced by government. Hence, SBI is expecting more than 20 per cent growth for the next 4-5 years in this region," he told mediapersons here today.
SBI's total business in AP stood at Rs.1.3 lakh crore. The bank is taking all steps to reduce NPAs, which for industrial sector was 6 per cent and for the retail segment was only 2 per cent, according to him.
