Andhra Bank to increase branches, double biz in UP

LUCKNOW: Expanding its base in Uttar Pradesh Andhra Bank has set a target of increasing its branches and double its business in the current fiscal.

"The bank plans to double its branches from existing 24 to 48 in this year, besides increasing our business to Rs 2,500 crore from existing Rs 1,225 crore," bank's Chairman and Managing Director R Ramachandran told reporters here.

Ramachandran along with bank's Executive Director Anil Girotra inaugurated the zonal office of the bank.

"The Andhra Bank is embarking upon the policy of expanding its branches in northern India and increase its visibility pan-India," he said.

Ramachandran said that UP offer tremendous opportunities and the bank would replicate its success formula in the state.

"The bank will concentrate on agriculture, small and micro enterprises, while expanding its barnch network to all most all the districts in the state," he said.

"Opening the zonal office for UP and MP is a step in this direction and it will expedite decision making process," he said, adding that the bank will open its branches in rural and semi-urban areas with concentration of financial inclusion.

Executive Director Girotra said the bank has identified places in western UP where it would set up its branches.

Source: EconomicTimes