Money & Banking

SBI setting up separate Amaravati circle for AP

Ch. R.S Sarma Visakhapatnam | Updated on January 11, 2018 Published on May 12, 2017

The SBI has bifurcated or separated its operations in Telangana and Andhra Pradesh and is in the process of setting up a circle exclusively for Andhra Pradesh, which will be known as the Amaravati circle.

Mani Palvesan, the Chief General Manager, told the media here on Friday that a separate administrative unit had started functioning in Amaravati from April 24 but it would take a little more time to complete the formalities before notifying it as the Amravati circle. "The process will be completed later this year. We have 1,524 branches and 3,600 ATMs in Andhra Pradesh with a total business volume of Rs 1.5 lakh crore, Rs 80,000 crore being deposits and the rest advances. This year we plan to disburse Rs 14,000 crore as loans," he said.

He said the SBI had recently cut rates for housing loans and it was also implementing the affordable housing scheme, the Pradhan Mantri Awaas Yojana, under which the Government would give subsidies to different income groups. "For those who want to avail themselves of housing loans below Rs 30 lakh, this is the best time. We are also advancing loans to builders to take up projects under the affordable housing loan scheme," he said.

Ravindra Pandey, General Manager, AP, said the SBI was the leading bank in the state with a 35 per cent market share and "we are focusing on food processing, agro processing and allied sectors. We will also lend to various industrial projects coming up in the wake of the bifurcation of the state. We will be a major partner in building a new Andhra Pradesh."

Earlier, Mani Palvesan presented a cheque for Rs 7 lakh to D. Raghunadha Rao, doctor in charge of the Visakhapatnam centre of BARC's Homi Bhabha Cancer Hospital and Research Centre, for building an air-conditioned hall for patients. The funds were disbursed under the CSR activity of the SBI.

The doctor said the state government had given 77 acres of land to the hospital in 2009 and the project would be completed by next year. "Meanwhile, we have started clinical and diagnostic services since 2014 after the bifurcation of the State. There are facilities right now for chemotherapy and even for surgeries. By the end of the year, radiation oncology services will be available and the entire project may be completed by next year," he said, admitting that there was some delay in the execution of the project.

He said it would be one of the biggest cancer hospitals and research centres in the country and would cater to the needs of the cancer-afflicted from Andhra Pradesh, Telangana, Odisha, Chattisgarh and Madya Pradesh. The treatment would be almost entirely free, with only a notional fees for certain services.

He said a city centre of the hospital would be set up shortly in Visakhapatnam port hospital, and it would be for the benefit of not only the port staff but also the general public.

A.K. Pandit, Deputy General Manager of the Visakhapatnam zone of the bank, also spoke.

Published on May 12, 2017
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