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Bifurcation of Andhra Pradesh is a good opportunity for banks to tap new business, according to A Krishna Kumar, Managing Director, State Bank of India (SBI).
Speaking to newspersons after inaugurating the new premises of a branch at Sanathnagar here on Wednesday, he said: “The division of the State has been taken up with an objective of economic growth and this will also create new business opportunities for banks.’’
It may be noted here that on Tuesday, the Lok Sabha has passed the AP Reorganisation Bill facilitating the division of the State to create a new state of Telangana.
When asked on the state of preparedness for SBI, which has the largest branch network in Andhra Pradesh, he said necessary measures would be taken. “Bifurcation of states was not new to SBI. We have had dealt with similar scenarios in previous occasions,’’ he said.
At the end of last year, the number of bank branches in Andhra Pradesh was 9,639. Total deposits and advances stood at about Rs 4 lakh crore and Rs 4.71 lakh crore, respectively.
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