Andhra Bank achieves Rs 4,269-cr business

Andhra Bank, the public sector lender, has achieved a total business of Rs 4269 crore in Orissa in the April-December period of the current financial year, a growth of around 35 per cent over the same period of 2008-09.

Out of the total business of Rs 4269 crore, deposits stood at Rs 2713 crore while advances were at Rs 1556 crore, a growth of 35 per cent and 40 per cent respectively over the corresponding period of the previous fiscal.

The bank's CD (credit-deposit) ratio in Orissa stands at 57 per cent compared to its national average of 77 per cent.

 

A A Taj, executive director, Andhra Bank said, Our CD ratio in Orissa will improve in the years to come as we will be financing many big upcoming industrial projects in the state.

Andhra Bank operates through its 106 branches in 26 districts across the state.

The bank has plans to open its branches in the four left out districts- Malkangiri, Nuapada, Boudh and Phulbani in the next fiscal.

Andhra Bank which has the led bank responsibility in two districts of south Orissa- Ganjam and Gajapati, has achieved 100 per cent financial inclusion in Ganjam, claimed Taj.

The bank which is running an institute called the Andhra Bank Institute for Rural Development (ABIRD) at Chhatrapur in Ganjam district has already trained more than 6,500 farmers, unemployed youth and Self-Help Groups.

The bank intends to open a similar institute in Gajapati district.