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Chaitanya bank targets a business of Rs 2,000 crore

Staff Reporter



Looking ahead: Chaitanya Godavari Grameena Bank chairman V.M. Parthasarathi (middle) announcing the bank's financial results for 2010-11 at a press conference held in Guntur on Tuesday.

GUNTUR: The Guntur - headquartered Chaitanya Godavari Grameena Bank (CGGB) targeted a business of Rs 2,000 crore for 2011-12 compared to about Rs 1,607 crore transacted in 2010-11. It earned highest ever net profit of Rs 8.66 crore in 2010-11.

Deposits during the year (2010-11) stood at Rs 759 crore and advances amounted to Rs 847 crore, agriculture sector alone accounted for Rs 479 crore, bank chairman V.M. Parthasarathi said while announcing the financial results for 2010-11 in a press conference on Tuesday.

The bank is in the process of opening branches at Kakumanu, Perecherla, Kollur, Vemuru, Chilumuru and Pallekona in Guntur district and Kesavaram and Nallajerla in East and West Godavari districts respectively.

CGGB will be soon providing National Electronic Fund Transfer (NEFT) facility which facilitates money transfer of up to Rs 2 lakhs to accounts maintained at any bank branch in India.

Mr. Parthasarathi said the bank has no immediate plans to set up ATMs as it involved cost and other factors. Net banking service was on the anvil but it would take time.

All the bank branches have migrated to the Core Banking Solution (CBS) platform. CBS paves the way for operation of customer accounts in any one of 106 delivery channels across three districts.

CGGB General Manager C Sambi Reddy, Senior Manager (Planning & Development) V Radha Krishnaiah and Chief Vigilance Officer V.S. Purushotham were present.

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