Andhra Bank eyes 23% growth in East

Andhra Bank expects an overall business growth of 23 per cent in the eastern region by the end of this fiscal.

The bank has set a target of achieving a total business of Rs 3,140 crore in the region by March 2009, as against Rs 2,370 crore till December 31, 2008.

The total business of the bank was Rs 95,770 crore till December 2008, and it expects to cross Rs 1,00,000 crore mark by the end of this fiscal, and Rs 1,50,000 crore by September 2010, said Ramakrishnan K S, zonal manager, Andhra Bank at a press conference in Kolkata.

The bank has taken several initiatives like to boost current account and saving accounts (CASA) deposits, which is nearly Rs 500 crore in the region. The bank has 23 branches in West Bengal, and has applied for licences with the Reserve Bank of India to open additional four branches in the state.

The bank also expects to have all its 1,410 branches under core banking solutions (CBS) by the end of this fiscal.

Bhubaneswar: Meanwhile, the bank will bring all the branches in Orissa under CBS by end of the current fiscal.

It has already migrated 40 branches to the new platform and intends to complete the process for the remaining 65 branches by March 2009, said S R K Prasad, deputy general manager, Andhra Bank, here . He even the branches which do not have electricity and telephone connection will migrate to CBS by this time. The bank is providing services like internet banking, mobile alerts, instant debit card issue and online tax payments in the branches covered under CBS.

As an income augmenting measure, the bank also announced to launch sale of gold coins in Bhuabneswar, Cuttack, Berhampur, Jatni, Rayagada, Parlakhemundi, Sambalpur, Rourkela and Aska from February 2, 2009. The gold coins will be available in the denomination of 4 gm, 8 gm and 10 gm.