Financial Daily from THE HINDU group of publications
Friday, Apr 22, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 22, 2005 |
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Money & Banking
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Credit Market Andhra Bank advances up to Rs 17,000 cr Our Bureau
(From left) Mr Srinivas Acharya, Deputy Managing Director, Sundaram Mutual Fund; Mr T. P Raman, Managing Director, Sundaram Mutual; Mr A. I. Nageshwara Rao, GM, Andhra Bank; and Mr M. R. Balakrishnan, Executive Director, Andhra Bank, at a function in Chennai on Thursday. - - Shaju John
Chennai , April 21 ANDHRA Bank's credit grew by about 30 per cent to around Rs 17,000 crore, the bank's Executive Director, Mr R. Balakrishnan, said today. Two lines of retail portfolio grew significantly. Education loan disbursements amounted to about Rs 250 crore, taking the total portfolio to Rs 780 crore, and micro-credit increased Rs 150 crore, taking the book to Rs 580 crore, Mr Balakrishnan said. Mr Balakrishnan was here in connection with the signing of MoUs with Sundaram Mutual and United India Insurance for distributing mutual fund and insurance products respectively. Over 400 of the bank's employees had secured certification from the Association of Mutual Funds of India, which allows them to sell mutual fund products. He told Business Line there was large scope for selling United India's rural insurance products along with Andhra Bank's micro loans. For the bank, Sundaram Mutual Fund is the fifth mutual fund whose products it has agreed to sell, after Principal, UTI, SBI and Tata. Sundaram Mutual's Managing Director, Mr T. P. Raman, said the tie-up with the bank would help reach its MF products to rural areas too. Andhra Bank has 1,643 branches across the country. Sundaram Mutual Fund manages about Rs 2,262 crore of assets and is a part of the Sundaram Finance group of companies.
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