National

SBI to add 40 branches in AP

Ch.R.S Sarma Visakhapatnam | Updated on September 23, 2018 Published on September 23, 2018

SBI, Amaravati circle, plans to add 40 branches to the existing 1,400-plus in 13 districts of Andhra Pradesh, according to Mani Palvesan, Chief General Manager, Amaravati circle.

He was speaking here to the media on Sunday after inaugurating the new premises of the bank’s overseas branch at Siripuram in the city. He said the SBI overseas branch, the only one in the State, was set up here in 1988. "At present, it is doing ₹700 crore fund-based business and ₹600 crore non-fund based business, with a profit of ₹48 crore."

He said the SBI, Amaravati circlehas deposits of ₹92,000 crore. Advances amounted to ₹82,000 crore. “AP is one of the major agricultural states in the country and therefore agricultural financing is more, but in the past three years [after bifurcation] housing activity has picked up substantially and the portfolio is increasing notably. In fact, AP comes second after Mumbai in housing finance," he said.

Mani Palvesan said the merger of SBH with SBI had added 400 branches in AP and "therefore we don't find the necessity to open more . However, we will expand depending on the requirement."

In response to a question, he said 25 per cent of the loans were being given to micro, small and medium enterprises (MSMEs) in the State.

Under the Mudra yojana, "the target for the current year in the State is ₹1,000 crore and half of the amount has already been lent.” He said the bank was accessible even to the common man and zero balance accounts were being opened under the Jan Dhan scheme.

M.B Diwakar, the Deputy General Manager in charge of the Vizag zone, also participated in the programme.

Published on September 23, 2018
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