Custom Search

Sunday, October 13, 2013

SBI to focus on agri portfolio in AP; to add 85 branches

State Bank of India (SBI), Andhra Pradesh Circle, will be adding about 85 new branches in the State before the end of the current financial year, according to Chief General Manager C.R. Sasikumar.

“We will also be adding over 200 ATMs in the same period to cater to the growing needs of our customers,’’ Sasikumar, who recently took over as AP circle head, told Business Line here.

As on September 30, 2013, SBI has 1,359 branches in the State and 2,911 ATMs with the highest amount loans under the agricultural portfolio among SBI circles in the country with about 22 lakh farmers as its customers. “So far, our focus has been on the agricultural advances along with retail,” the SBI official said.

Total advances stood at Rs 62,000 crore, while deposits were around Rs 64,000 crore. “The growth in advances has been about 17 per cent in general and we expect the same to continue in the remaining quarters of the year,” he added.

SBI sees some stagnation in small and medium enterprises engaged in infrastructure-related areas. The premium housing segment was also stagnant though some sub-Rs 40 lakh home loan segment had some traction.


“We will be stepping up technology initiatives such as increasing the number of cash deposit machines, mobile banking offering among others,” he said.

On the lower credit pick up in some sectors such as corporate lending and prevailing economic environment, Sasikumar said the downward cycle had almost touched the bottom and it had to turn around at some point. “I think things will be exciting after 8-10 months due to a variety of factors such as the ensuing general elections and possible certainty about policies,” he observed.

Source: thehindubusinessline


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site