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Andhra Bank to introduce ‘business correspondents’ in Kakinada zone

Staff Reporter

It plans to achieve greater financial inclusion as per RBI’s policy

Kakinada: Andhra Bank is about to introduce up to 170 ‘business correspondents’ in Kakinada Zone in two to three months to achieve greater financial inclusion as per the Reserve Bank of India’s policy which is aimed at achieving greater financial inclusion.

Three ATMs are being set up at Indrapalem in Kakinada, Dwarapudi and Annavaram.

The bank’s total business in the zone as on December 31, 2009 was Rs 4,235 crore which is targeted to reach Rs 5,100 crore by March 31, 2010, according to Andhra Bank DGM (Kakinada Zone) V.B. Bhagavathi.

Addressing media persons here on Wednesday, Mr. Bhagavathi said the bank’s gross non-performing assets in Kakinada zone stood at Rs 19.98 crore (0.91 percent) as on December 31, 2009.

All the 102 branches now have Core Banking Solution facility. Internet and mobile banking were launched for individuals and corporates. Debit cards and ATM cards were issued instantly.

A web-based inward remittance product AB Speedway launched in association with Citi Bank for speedy and cost-effective online transfer of funds from the USA and the insurance joint venture (India First Life Insurance Company Limited) with Legal and General, UK and Bank of Baroda were two significant initiatives that gave a fillip to the bank’s business.

Andhra Bank Assistant General Manager P Sree Rama Raju also spoke.

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