Andhra Bank's total business at Rs 4576 crore

Andhra Bank has recorded a 17.24 per cent growth in its business in Orissa during April-September, this year. The total business in the first two quarters of this fiscal stood at Rs4576 crore as against Rs3903 crore achieved in the same period of 2009-10.

While deposits rose from Rs2540 crore to Rs 3021 crore, an increase of 18.93 per cent, the advances have gone up from Rs1363 crore to Rs1555 crore, a growth of 14.08 per cent.

Addressing media persons here, B L Gupta, deputy general manager of Andhra Bank said, “This fiscal, we are targeting a growth of 25 per cent in deposits and advances. The bank is also making survey for opening two new branches at Kamalanga in Dhenkanal district and Rontha in Sundergarh district which have a population of less than 50,000.”

Presently, the bank has 66 branches and 25 ATMs in the state.

The bank has recorded a year-on-year growth of 21 per cent in priority sector lending and advances to the MSME (Micro, Small and Medium Enterprises) sector have registered a year-on-year increase of 35 per cent.

The Credit and Savings Accounts (Casa) account for around 33 per cent of the bank's total deposits.

The public sector bank also aims to raise its CD (Credit-Deposit) ratio from 52 per cent at present to 60 per cent by March 2011.

On the progress of Financial Inclusion, Gupta said, “We have been assigned 69 villages in 27 districts. The banking facilities will be offered to the unbanked people in these villages through the Banking Correspondent model. We have already set in motion the process for appointment of Banking Correspondents.”

Asked about the bank's exposure to the Micro-Finance Institutions (MFIs), he stated, “We have advanced a loan of Rs five crore to only one MFI- Bharat Integrated Social Welfare Agency (BISWA) and our outstanding loan amount is Rsthree crore.”