Financial Daily from THE HINDU group of publications
Wednesday, Oct 01, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 01, 2003 |
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Money & Banking
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Public Sector Banks Andhra Bank to revise targets Our Bureau
Hyderabad , Sept. 30 FOLLOWING the shortfall in achieving the targeted business volumes for the period ended September 30, Andhra Bank has decided to review the position afresh and revise the business targets accordingly, its Chairman and Managing Director, Dr B. Vasanthan, said. Addressing newspersons here on Tuesday to announce the launch of any branch banking (ABB) and instant funds transfer (IFT) facility, he said against the targeted figure of Rs 24,000 crore of deposits and Rs 14,000 crore of advances for the period ended September 30, the bank could achieve around Rs 21, 600 crore and around Rs 11,900 crore respectively. Stating that this had made the bank to go for mid-course corrections in the targets and strategies, Dr Vasanthan said a high-level committee of the bank would be meeting during the second week of October to review the situation and revise business targets accordingly. The bank has plans to achieve a total business of Rs 40,500 crore comprising Rs 25,250 crore of deposits and Rs 15,250 crore of advances for the current fiscal compared to a total business of Rs 32,961 crore comprising Rs 21,062 crore of deposits and Rs 11,899 crore of advances during last fiscal. Having recently achieved 100 per cent branch computerisation and networked 242 automated teller machines (ATMs), the bank announced the launch of ABB service at 85 of its branches and extension counters in the twin cities of Hyderabad and Secunderabad. As a part of this, the customers of the branches connected to the cluster can approach any branch for banking transactions such as cash deposit, withdrawal, purchase of demand draft, pay order, balance enquiry, account statement and balance transfer. According to Dr Vasanthan, the facility was a free service and there were no restrictions on number of transactions and amount.
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