Andhra Bank ED Khulbhushan Jain (centre) speaking after laying foundation stone for the bank’s branch building in Visakhapatnam on Wednesday. | Photo Credit: C.V.Subrahmanyam more-in Foundation stone for construction of new premises for Shivajipalem branch of Andhra Bank was laid by the bank’s Executive Director Kulbhushan Jain, in the presence of Andhra University Vice-Chancellor G. Nageswara Rao, on the premises of Andhra University College of Engineering for Women (AUCEW) on Wednesday. Mr. Jain said the bank was extending services through 3,000 branches and 4,000 ATMs, doing a business of ? 3.5 lakh crore, across the country. In Andhra Pradesh alone, the bank was having over 900 branches. Visakhapatnam zone doing a business worth ? 9,000 crore, out of which total advances were ? 2,650 crore. He said the Visakhapatnam Zone was offering loans to agriculture, education, MSME sectors and Self Help Groups (SHGs) apart from housing loans and vehicle loans. The bank has a healthy CD ratio of over 100 per cent in AP but pan India, it was 80 per cent. The new premises of Shivajipalem branch was expected to be ready in five months. Mr. Jain called upon customers to utilise digital platforms for their banking needs. Chief General Manager Syamal Ghosh Ray said of the 76 branches in the zone, 50 were in the city. The bank was doing a business of Rs.9,000 crore in the zone and it was poised to reach Rs.10,000 crore in the near future. Sanction letters On the occasion, Mr. Jain distributed AB Pattabhi self-help business group sanction letters to some local groups. Registrar V. Umamaheswara Rao, Visakhapatnam circle general manager E. Koti Reddy, deputy general manger, Visakhapatnam Zone, A.G.V. Babu and senior branch manager K. Sujatha were among those who attended.

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