SBI to open 100 branches in Andhra

The new branches to come up in semi-urban, urban and metros to complete with private banks

State Bank of India is planning to open 80-100 branches in Andhra Pradesh during the current financial year.

Stating this here on Saturday, Rakesh Sharma, chief general manager, SBI, said the branches would come up in semi-urban, urban and metros to complete with private banks.

On Saturday, he inaugurated a new branch at Mindi here, its 1,326th in Andhra Pradesh. Deposits in the state amounted to Rs 59,800 crore and advances Rs 61,500 crore, he said.

SBI is focusing on housing loans, Sharma told the media, adding the interest on these loans was the lowest at 9.95 per cent. The bank was offering up to Rs 30 lakh for 20 years at this rate of interest. "Our market share in the housing loan segment is 28 per cent and the bank is aiming to increase it to 40 percent," he said. The bank has reduced its non-performing assets (NPA) by Rs 450 crore in AP and its net NPA at present in the state stood at 2.3 per cent.

Deputy general manager of Vizag Zone Manoj Khattar said there were currently 205 branches in the zone and 10-12 more would be opened during this financial year.