Andhra Bank has proposed to open at least five branches in southern Odisha districts, including three in Naxal infested Malkanagiri and Gajapati districts in this fiscal. While one branch is proposed to be opened at Malkanagiri, the other two branches will be set up at R Udayagiri and Mohana in Gajapati district. The proposed areas are identified as Naxal-infested and underdeveloped. “We have proposed to open at least five branches in southern Odisha, the operating areas of our zone this year,” said zonal manager (Berhampur) of Andhra Bank A B Rama Krishan Rao. The bank has no branch in Malkanagiri at present. Malkanagiri recorded growth of 5.2 per cent during the period of 2005-06 to 2008-09, the lowest in the state, according to economic survey of the state government for 2011-12.
In a surprise move, country's largest bank SBI today increased interest rates on select fixed deposits by 0.25 per cent.