Andhra Pradesh Grameena Vikas Bank (APGVB) will be opening 24 branches on a single day on March 30 in Visakhapatnam, Srikakulam, and Vizianagaram districts.
The bank with headquarters at Warangal and presence in three districts of Andhra Pradesh and five districts of Telangana was established in 2006 following merger of five erstwhile RRBs -- Sri Visakha Grameena Bank, Nagarjuna Grameena Bank, Sangameshwara Grameena Bank, Manjira Grameena Bank and Kakathiya Grameena Bank.
Among 24 new branches, 11 will be located in Visakhapatnam, 10 in Srikakulam and three in Vizianagaram. The bank at present has 704 branches.
APGVB Chairman V. Narsi Reddy said on Sunday that they got permission from the Reserve Bank of India for opening retail assets and small and medium credit centre, first of its kind here shortly to focus exclusively on credit to MSME sector. The bank has 18 branches in the city and with the opening of 10 on Monday it will go up to 28.
Stating that they had introduced core banking solutions in 2009, he said they had already issued 1.67 lakh debit cards to be used at all SBI ATMs. The number would be increased to 14 lakh by June. The bank has 488 ultra small branches in villages with a population of over 2,000, which were managed by business correspondents called ‘bank mitra’.
On bank’s performance, Mr. Reddy said APGVB had registered a growth of 13.51 per cent (Rs.2294.56 crore) in total business during the year as on March 27 as against targeted growth of Rs.1914.78 crore. He said they had a growth of 20.43 per cent (Rs.1387.19 crore) in deposits during the year as against targeted increase of Rs.848.90 crore.
Advances
Referring to advances, he said they had registered an increase of 11.49 per cent (Rs.907.37 crore) during the year as against the target of Rs.1,065.88 crore. Mr. Reddy earlier reviewed the bank’s performance with General Manager Y.N. Sukumar, Regional Managers B.S.N. Raju (Srikakulam), M.S. Prasad (Visakhapatnam) and D.V. Ramana (Vizianagaram).
The number of branches in the city
to go up to 28
