NEWS & ADVICE : SAVINGS ACCOUNTS
Andhra Bank expands branch network
By Vaibhav Aggarwal
Jul 10, 2009
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Hyderabad based, public sector lender, Andhra Bank has opened ten new branches in Mumbai Zone.

 

The Mumbai zone of the bank covers Goa, Maharashtra and Gujarat regions.

 

Impressively, all the ten branches were inaugurated on a single day, Sunday, July 5. The locations include Sanpada, Ghansoli, Sea Woods, Ullhasnagar, Panvel, Kamothe, Bhiwandi, Butibori, NRI branch and Retail Credit branch.

On an earlier occasion, RS Reddy, chairperson and managing director, Andhra Bank had revealed, "We already have obtained permission from the Reserve Bank of India for opening 121 new branches and will seek permission for opening 100 more."

"We see good potential across the country as 434 branches in other States are bringing 47 per cent of business," he added.

All new branches setup in the Mumbai zone are CBS (Core Banking System) enabled. Presently, the bank has 1,438 branches (excluding the new set-ups), 52 extension counters, and 18 services centers. Of the 1,438 branches, 1,004 are operational in the native state, and generate 53 percent of the total bank business.

Last fiscal the bank established six new zones, each at Hyderabad, Mumbai, Hyderabad, Funds & Invest. (Mumbai), New Delhi Zone and DIT-Cyber Gateway in an effort to reduce the effective turnaround time.

 

The bank has set a target of generating Rs 150-lakh crore business by September 2010. In lines with the set target, the bank has been strategizing its marketing and operations. The bank has recently; come with many innovative products and services.


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