Andhra Bank opens 1700th branch

Andhra Bank has opened its 1700th branch at Nanakramguda financial district here. The 88-year-old bank also set up an e-banking centre at the Vidyanagar branch in the State Capital.

Speaking to Business Line after formally inaugurating the branch and e-banking centre on Saturday, Mr R. Ramachandran, Chairman and Managing Director, Andhra Bank said the bank had grown from a regional bank to a pan-Indian Bank.

Mr Ramachandran, who inaugurated the branches on his last day in office as Chairman and Managing Director, said the aim of the bank was to have its roots in Andhra Pradesh but to spread to other parts of India.

On his 14-month stint as CMD , he said: “It has been short and pleasant. Things did happen the way I wanted them to happen.”

Till the end of September quarter, the bank's business registered year-on-year growth for 13 consecutive quarters.

Setting up of the Staff College of Andhra Bank was a landmark for the bank, he said, adding, “we expect this institution to significantly contribute to skill building at all levels.”

On the banking industry scenario, Mr Ramachandran said banks were facing a lot of stress in maintaining asset quality because of internal and external economic factors.

“However, as far as Andhra Bank is concerned, we are within manageable levels and do not expect business/profit to be impacted significantly,” he added.