The Hindu Business Line : Andhra Bank launches net banking, gold coin sales

The 84-year-old bank’s business now stands at Rs 93,000 crore. Given the current growth in deposits and advances, we will cross the Rs 1 lakh crore mark by February 2009 and the Rs 1.50 lakh crore mark in the next 18 months,” Mr R.S. Reddy, Chairman and Managing Director, Andhra Bank, told newspersons here on Thursday after the launch of internet and mobile banking and sale of gold coins.

The bank is now adding 60 new branches every week to the Core Banking Solution (CBS). By March 2009, all of our branches will be integrated with CBS. This will allow us to offer more technology products, he said.

The newly-launched internet banking and SMS alerts would keep the bank in line with technology-based products of foreign and private banks, he said.

Coin price

The gold coins, which will be sold by 162 branches initially in 4 gm, 8 gm and 10 gm denominations, are competitively priced and are cheaper by Rs 1,000 compared with those being sold by some private banks, Mr Reddy said.

The gold coins, imported from Switzerland, would carry an Assay Certificate guaranteeing purity on par with international standards.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Andhra Bank ties up with Citibank for funds transfer

The challenge before RBI

Rupee a tad lower

ECB inflows down 35%

ULIPs likely to be cheaper by 10-15 pc

Derivatives: RBI panel to review findings

SBT cuts BPLR to 12.75%

Bond prices fall by 38 paise

Bond volumes up 77% as banks churned portfolios

UCO Bank equity capital rejig takes effect

Commercial banks urged to assist MSMEs

Call rate ends lower

Andhra Bank launches net banking, gold coin sales