Money & Banking

SBH to add 70 branches before March-end

Our Buerau Visakhapatnam | Updated on February 15, 2011




State Bank of Hyderabad is expanding its branch network in the coastal Andhra Pradesh districts and elsewhere in the State and the country and 70 more branches will be added before the end of March, according to Mr M.C. Jacob, General Manager (agri business and branch expansion).

He was speaking here on Tuesday after the inauguration of the new premises of the Gajuwaka branch. Mr A. Tulasi Rao, Chairman of the Visakha Dairy, was the guest of honour on the occasion.

Mr Jacob said the SBH currently had 1,270 branches and the number would go up to 1,340 by the end of March. In the Visakhapatnam zone, comprising seven coastal districts from Srikakulam to Guntur and also Orissa, the SBH had 207 branches and 15 more would be added. In Visakhapatnam city, four more branches would be set up in addition to the existing 24.

He said the SBH had ten branches in Orissa and the number would be doubled. “We are not only focusing on branch expansion, but on reaching the rural masses. Our presence in the coastal AP districts was limited in the past, but we are expanding aggressively,” he said.

Staff recruitment

He said the bank was adjudged the most efficient among the big banks by the Business Today magazine and it had also achieved the fastest growth rate, 14 per cent, among PSU banks in branch network expansion in 2010. “We are recruiting 2,400 clerical staff and more than 1,000 probationary officers for our new branches. Our bank is opening up employment avenues for the youth in the State,” he said.

Agri branches

Mr. Jacob said the bank was willing to open specialised agri business branches and promote agriculture, agri-processing units and allied activities. “For instance, Visakha Dairy, one of our valued customers, is planning to take up contract farming in 200-300 acres to promote dairy related activities. We will set up a specialised branch in the vicinity,” he added.

He said the business volume of the bank would cross the Rs 1,50,000 crore-mark by the end of the financial year. By the end of December, 2010, the deposits amounted to Rs 82,254 crore and the advances Rs 63,067 crore.

Mr A.N. Krishnan, Deputy General Manager in charge of the Vizag zone, Mr P. Venkat Kumar, branch manager, and Mr A. Tulasi Rao, Chairman of Visakha Dairy, also spoke.

Published on February 15, 2011

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