The Hindu Business Line : SBI to open 40 branches in AP

STATE Bank of India plans to open 40 more branches in Andhra Pradesh, three of them in the current financial year, according to Mr S.K. Bhattacharya, Deputy Managing Director of the bank.

Currently, the bank has 823 branches and 333 ATMs in the State.

Addressing a press meet here on Thursday on the occasion of the inauguration of the new zonal office building, he said there was not a single loss-making branch in the State and great strides had been made during the current year in agricultural lending. Three lakh new farmers were given loans and the additional credit amounted to Rs 800 crore up to January.

He said three new branches - one in Hyderabad, Tirupathi and Nellore - would be opened during the current financial year.

Mr Bhattacharya said the bank would have 5,000 ATMs by the end of the financial year and it had a branch network of 9,700. Core banking was being introduced in most of the branches and by 2006 the process would be completed.

He said Visakhapatnam zone had a total deposit base of Rs 3,664 crore and the advances amounted to Rs 2,900 crore.

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