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Friday, October 17, 2014

Andhra Bank chief hits the streets to boost biz

In a novel move, a public sector bank chief went from shop to shop in a business area in a marketing campaign.

CVR Rajendran, Chairman and Managing Director, Andhra Bank, along with a team of officials, undertook the exercise, covering over 350 shops/business establishments in a commercial area in Hyderabad.

“We have launched a shop-to-shop campaign to market credit and current account facilities among businesses. But as some staff were either shy or slow, I told them I would also join them, and we almost covered every shop, over two hours,” said Rajendran in a chat with BusinessLine.

Andhra Bank plans to continue this marketing initiative in important business centres in major cities/towns involving both top executives in the general manager cadre and lower-rung officials.

Survey too

The campaign also doubled up as a customer survey as every businessman was asked details of his bank account, what he expects from his banker, and so on.

“We have got very good feedback. I understand that most of them have accounts with private banks because of the facilities they were offering long back. But now, public sector banks like Andhra Bank also offer them, which has to be communicated to them properly,” he said. Another takeaway was the need for cash-swiping machines (point-of-sale terminals) for businessmen, he said. The bank has decided to focus on this unmet need by providing the machines to the shop-owners.

Cash flow

It was noticed that the day-to-day cash-flow from unorganised business establishments is weak as many a bank’s working hours are not conducive.

Andhra Bank
sees good scope in this segment by ramping up its cash-deposit machines in select shop.

“We have ordered 1,200 machines and 120 have already arrived. We will be installing them on a priority basis,” Rajendran said.

Source : The Hindu


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