Money & Banking

AP Grameena Vikas Bank opens 50 branches

Our Bureau Hyderabad | Updated on March 25, 2013 Published on March 25, 2013

Andhra Pradesh Grameena Vikas Bank (APGVB) has opened 50 new branches in different parts of the State on Monday.

“As per the directions of Reserve Bank of India, new branches are opened mostly in rural areas to serve the rural population,’’ K. Lakshmana Rao, Chairman, APGVB, said in a release.

Of the 50 new branches, 34 are in rural centres, 15 in semi-urban while one is an urban branch. All the new branches are integrated with core banking solution through V-sat installation.

The regional rural bank, which is sponsored by State Bank of India, had opened 14 branches earlier which took the number of new branches opened during the FY 2012-13 to 64. It now has 638 branches in eight districts.

As on date, the bank has Rs 5,616 crore deposits and Rs 6,420 crore advances.

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Published on March 25, 2013
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