The Hindu Business Line : Andhra Bank slashes rate to SHGs by 50 basis points

ANDHRA Bank has decided to slash interest rates on lending to self-help groups (SHGs) by 50 basis points at 8 per cent from the existing level of 8.5 per cent.

Announcing this at the Founder's Day celebrations of the bank here on Saturday evening, its Executive Director, Mr R. Balakrishnan, said the bank, being a public sector undertaking, was realising its position as an instrument of social change and in keeping with the ideals of its founder, Dr B. Pattabhi Sitaramayya, was actively participating in social banking.

The bank has been maintaining its lead position in the State in linking and financing the maximum number of SHGs. Andhra Bank has a share of nearly 15 per cent of the total SHGs in the banking industry. The share of financial assistance extended to SHGs constitutes more than 10 per cent in the banking industry, Mr Balakrishnan said.

Holding the responsibility of being the Convenor of the State Level Bankers' Committee (SLBC) in Andhra Pradesh since 1984, the bank has achieved the national target of 40 per cent set for the priority sector advances.

Stating that the bank's commitment to the growth and development of agriculture was being pursued with vigour, he said the outstanding agricultural advances stood at over Rs 1,600 crore.

Andhra Bank has been maintaining its lead position in the State in the issuance of the highest number of kisan credit cards during the last five years. As on date, the bank has issued 6.5 lakh cards.

Article E-Mail :: Comment :: Syndication

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