Andhra Bank

 

 

Andhra Bank is a public sector bank in India offering core banking and online banking products and services to wide range of customers. The bank draws large amounts of income from business operations in southern India. It is the pioneer bank to launch credit card services in Indian banking history.[br]

Andhra Bank: Company Information

Andhra Bank began operations in 1923 with a paid up capital of one lakh rupees (equal to one hundred thousand dollars). According to the 2008-09 figures, the bank has a total business of Rs105,280 crores. Gross advances stand at Rs44,911 crores and total deposits are Rs60,369 crores. In 2009, the bank earned Rs256 crores as net profit, a 230% rise from the previous year.

 

The bank has a huge client base of over 1.74 crore accounts. The bank delegates its operations through a network of 1371 branches, 38 satellite offices and 66 extension counters. The ATM network of Andhra Bank includes 664 in-house locations. However, the bank has ATM sharing agreement with SBI, Axis Bank, IDBI, Indian Bank and HDFC Bank. Thus, Andhra Bank ATM card can be used at over 9,000 ATM locations across the nation, without any processing charges.

 

To provide centralized banking solutions, all the branches are interconnected through the internet. This enables speedy retail banking services and offers customer satisfaction.[br]

Andhra Bank: Products and Services

Andhra Bank classifies its products and services under the following sections:

 

• Deposits: It includes savings account, current account and term deposits. Bancassurance products are also available in life and non-life versions.

• Retail loans: Loans available to retail customers include housing loan, personal loan, medical emergency loan, auto loan and educational loan.

• Agricultural loan: To provide financing to the agro-based sector, Andhra Bank has specialized loan products. It offers loans to buy crops, purchase land and afford farming tools (tractor, harvester and seeder). In compliance to government’s social sector finance policy, the bank offers agricultural loans at subsidized interest rates. Andhra Bank offers Kisan Vikas Card and Kisan Green Card as specialized credit card products for qualified farmers.

 

Apart from the above listed services, the bank offer corporate banking, NRI (non-resident Indian) banking and online banking services as well.