The Hindu Business Line : Andhra Bank to launch mobile ATM in Vizag

Visakhapatnam, Oct. 15 Andhra Bank is planning to introduce a mobile ATM in Visakhapatnam shortly, according to Mr V.S. Sarma, Deputy General Manager of the Vizag zone.

At a press meet here on Wednesday, on the occasion of launching AB Bima Utsav, Mr Sarma said the bank had introduced a mobile ATM in Hyderabad and Visakhapatnam would be the second city in the State to have the facility.

He said there were currently 89 branches in the zone, comprising the districts of Srikakulam, Visakhapatnam and Vizianagaram, and one more branch, at Kotabommali in Srikakulam district, would be added before during the month.

He said it had entered into a tie-up with LIC and the insurance products would be sold through the branches during the Bima Utsav which would last till December 31. Arogyadaan was a unique medical insurance scheme, introduced by the bank in association with the United Insurance, to cover the entire family at a low premium.

The bank customers could avail themselves of the insurance scheme.

The coverage could be in the range of Rs 50,000 to Rs 5 lakh.

He said the bank had also introduced AB Jeevan Abhaya – a simple insurance-linked savings account – with a cover of Rs 1 lakh applicable in the event of natural or accidental death. “It is proving to be enormously popular,” he claimed.

He said all these hassle-free insurance products would be sold through the bank during the Utsav period. Deposits in the zone at present amounted to Rs 2,500 crore and the advances Rs 1,165 crore. The deposit target for the current fiscal was Rs. 2,815 crore and the advances target Rs 1,470 crore. He said core banking solution would be introduced in all the branches in the zone by the end of the financial year.

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