Financial Daily from THE HINDU group of publications
Thursday, Jul 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 21, 2005 |
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Money & Banking
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Public Sector Banks Industry & Economy - Rural Development Andhra Bank to open 3 more rural institutes Our Bureau
Mr K. Ramakrishnan (left), Andhra Bank CMD, and Mr K. L. Nageswara Rao, General Manager, at a press conference in Visakhapatnam on Wednesday. - - C.V. Subrahmanyam
Visakhapatnam , July 20 ANDHRA Bank plans to set up three more institutes for rural development - two in Andhra Pradesh and one in Orissa (in addition to the existing six), said Mr K. Ramakrishnan, Chairman and Managing Director. He told a press meet here on Wednesday that the new institutes would be located at Eluru and Guntur in Andhra Pradesh and Berhampur in Orissa. At present, the bank has five such institutes in Andhra Pradesh and one in Kerala. Farmers are trained in the latest technologies at these institutes and the rural women are imparted the requisite skills for self-employment. Mr Ramakrishnan said the bank was laying great stress on giving educational loans to students, and this year the target was fixed at Rs 1,000 crore. Last year (2004-2005), Rs 750 crore was disbursed. The recovery too was excellent, he added. He said the bank would increase the farm credit to Rs 4,200 crore during the current financial year, 85 per of which would be disbursed in Andhra Pradesh. The bank will mobilise Rs 7,000 crore in the form of additional deposits, of which Rs 3,300 crore would be low-cost deposits. Mr Ramakrishnan said the bank had set itself targets of 25 per cent increase in credit and 30 per cent in deposits. The stress will be on retail lending. Answering a question, he said the bank was planning to open an office in Dubai. During the current year, 20-25 branches may be opened in the country. The bank sells insurance products and it will soon sell LIC products too, he said.
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