Andhra Bank eyes 16% business growth

Andhra Bank's Bhubaneswar circle aims a 16 per cent growth in its business in the current fiscal.

The circle, covering eight states and five zones, cocked Rs 18,900 crore business in the last fiscal. This is expected to go up by Rs 3100 crore by the end of March, 2016.

Out of the total business achieved last year, Rs 12,800-crore were deposits with advances standing at Rs 6,100-crore. The advance to the priority sector including agriculture and SMEs were around Rs 2400-crore.

The Hyderabad headquartered nationalized bank has recently recast its organisational structure with setting up of eight circles across the country. Bhubaneswar is one of them.

"With an aim to reduce turnover time in decision-making, the bank has established eight circle offices throughout the country headed by a circle general manager (CGM) with higher delegated powers. This has been done to improve business environment", circle general manager, Bhubaneswar circle, PVSTR Seshagiri Rao said here.

The zonal offices under the Bhubaneswar circle include those in Berhampur, Bhubaneswar, Sambalpur, Kolkata and Patna with total 259 branches. Sambalpur zonal office has started functioning from this month with 36 branches under it.