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Our Bureau

MR K. RAMAKRISHNAN

Thiruvananthapuram , May 8

Andhra Bank is planning to open an NRI branch in Kerala within the next couple of months.

The branch will be located in Kochi, Mr K. Ramakrishnan, Chairman and Managing Director, said here on Monday.

The bank is also set to open a representative office in Dubai on May 11. It has entered into tie-ups with a few exchanges in UAE for instant money transfer, the Chairman said.

He said that the bank is keen on opening a representative office in the US as well and it has received the RBI permission for the purpose. However, it is a cumbersome procedure and the bank will approach Federal Reserve to get the necessary clearances.

Andhra Bank, which posted a net profit of Rs 485 crore in 2005-06, is planning to introduce Internet banking shortly. The facility will initially offer banking services and later move on to cash transactions.

The Chairman said that the bank has computerised 1,230 branches and also networked 900 branches for "anytime, anywhere" banking. It has also targeted to raise the number of ATMs from 400 as of now to 520 by March 31, 2007.

Mr Ramakrishnan said the bank is looking at expanding its presence in Kerala.

More Stories on : Public Sector Banks | NRIs | Kerala

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