The Hindu Business Line : Andhra Bank to focus on low-cost deposits

Aimed at sustaining growth, Andhra Bank has decided to focus on low-cost deposits during the current fiscal, according its Executive Director, Mr Kalyan Mukherjee.

Addressing bank customers and the media on his visit to Guntur on Wednesday, Mr Mukherjee said the bank has set a target of achieving a total business of Rs 67,000 crore for the fiscal 2006-07. This comprises deposits of Rs 39,000 crore and advances of Rs 28,000 crore.

Total business

During last fiscal, the bank posted a total business of Rs 54,788 crore, comprising Rs 33,043 crore of deposits and advances of Rs 21,745 crore. During the year, the low-cost deposits increased to Rs 12,380 crore from Rs 9,950 crore in the previous fiscal, Mr Mukherjee said.

Having launched the mobile banking facility through mobile automated teller machines as a pilot project in Hyderabad, the bank is now considering extending this facility to some more towns in the near future for the benefit of semi-urban and rural population, he said.

In Guntur Zone, Andhra Bank proposed to open four branches, out of which licence was received for opening a branch at Darsi in Prakasam district, he said.

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