andhra bank company profile

7/31/2019 Andhra Bank Company Profile

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Andhra Bank

Andhra Bank (BSE:532418) is a medium-sized public sector bank (PSB), with a network of 1,712

branches, 15 extension counters, 38 satellite offices and 1056

automated teller machines (ATMs) as on March 31, 2012. Andhra Bank was founded by the eminent

freedom fighter, Dr. Bhogaraju Pattabhi Sitaramayya.The Government of Indiaowns 51.55% of its share

capital and is going to increase it to 58% by infusing 1100 crore. The state ownedLife Insurance

Corporation of Indiaholds 10% of the shares. The bank has done a total business of Rs. 1,90,535 crore as

on 31.03.2012.

Bank is 100% CBS as on date. This will benefit the customers, who will have access to banking and

financial services anytime, anywhere through multiple delivery channels.Andhra Bank is a pioneer in

introducing Credit Cards in the country in 1981 .

The Bank introduced Internet Banking Facility (AB INFI-net) to all customers of cluster linked branches.Rail

Ticket Booking Facility is made available to all debit card holders as well as to internet banking customers

through IRCTC Website through a separate gateway. Corporate Website is available in English, Hindi and

Telugu Languages communicating Bank's image and information. Bank has been given 'BEST BANK

AWARD' a banking technology award by IDRBT, Hyderabad for extensive use of IT in Semi Urban and

Rural Areas on 02.09.2006 IBA Jointly with TFCI has conferred the Joint Runner-up Award to the Bank in

the Bet Payments initiative in recognition of outstanding achievement of the Bank in promoting ATM

Channel. Bank successfully conducted " Bancon 2006", a two day event at Hyderabad, deliberating on

Inclusive Growth - A New Challenge. Kiddy Bank Scheme, with insurance benefits, was relaunched toinculcate savings habit among the children. Bank has mobilized nearly 90000 new accounts during 2007-

08.

As a part of "Financial Inclusion", Bank adopted two districts, namely, Srikakulam in Andhra Pradesh and

Ganjam in Orissa and achieved 100% coverage. Bank has introduced Smart Card Scheme Pilot project in

Warangal District and the same will be extended to other Lead Districts in due course. Bank has opened

2.11 lakh accounts under "No-frill accounts" category till 30.06.2008.
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Andhra Bank, along with A P State Government, NABARD, Canara Bank, Indian Bank, IOB and SBH

sponsored the Andhra Pradesh Banker's Institute of Entrepreneurship Development, which will offer

training to unemployed youth for improving their skills in Andhra Pradesh.

Bank adopted Gundugolanu village, West Godavari District, Andhra Pradesh - birth place of Dr. BhogarajuPattabhi Sitaramayya for all-round development. A comprehensive budget with an outlay of Rs.5.50 Crore

is finalized for improving health, sanitation, education and social service facilities in the village.

Bank has been ranked No.1 in terms of number of Life Insurance Policies mobilized amongst all the

Agency Banks dealing with "Life Insurance Corporation of India". Bank also has tie-up with United India

Insurance Company Limited under Bancassurance (Non-Life).

Bank was ranked 532nd for the year ended 31.03.2007 amongst Top 1000 Banks in the world by "The

Banker" - a London based publication based on Tier I Capital as defined by Basel's Bank for International

Settlements (BIS).

Bank entered MoU with Bank of Baroda and Legal & General Group of UK to form a joint venture life

insurance companyIndiaFirst Life Insurance Company. The shareholders' agreement has already been

signed and necessary formalities are being completed for setting up of the company. The JV Company is

already incorporated in June'08 and is in the process of filing for approvals from IRDA etc. IndiaFirst has

commenced operations.

History

Andhra Bank was founded by Dr. Bhogaraju Pattabhi Sitaramayya in 1923 in Machilipatnam, Andhra

Pradesh. The founder Dr. Bhogaraju Pattabhi Sitaramayya was an eminent freedom fighter and a

multifaceted genius. The Bank was registered on November 20, 1923 and commenced business on 28

November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. In 1956,

linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The

registered office of the Bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad,

Andhra Pradesh. In the second phase of nationalization of commercial banks commenced in April 1980,

the bank became a wholly owned Government bank. In 1964, the bank merged with Bharat Lakshmi Bank

and further consolidated its position in Andhra Pradesh.sri srinivasa internetcae

About the Founder

Dr Bhogaraju Pattabhi Sitaramayya (Telugu: ),was born in a Telugu 6000 Niyogi

Brahmin family on November 24, 1880 in Gundugolanu village, Krishna district (now part of West Godavaridistrict) in Andhra Pradesh, was an Indian independence activist and political leader in the state of Andhra
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Pradesh. After securing a medical degree (M.B.C.M), he started his practice in Machilipatnam, which is the

headquarters of Krishna District. He acted as the member of Working Committee of the Congress for a

number of years and the President of Andhra Provincial Congress Committee during the years 1937-40.

Pattabhi was arrested along with the Congress Working Committee and was imprisoned for three years. He

authored Feathers and Stones, The History of the Congress, and Gandhi and Gandhism. He was also a

member of the J.V.P. Committee (Jawaharlal Nehru, Vallabhbhai Patel and Pattabhi) which recommended

the formation of Andhra State without Madras City.

Delivery Channels

As of March 2012, Andhra Bank has a total of 2,821 delivery channels which include

1712 Branches

1056 ATMs

15 Extension counters

38 Satellite Offices

In the Annual Year 2011-12, an addition of 145 delivery channels during the year, including 80 branches

(including upgradation of 10 ECs).Bank has entered into Tr ipura and Himachal Pradesh States during the

year,2011-12 and with this the presence of the Bank spread to 25 States and 3 Union Territories.Bank also

have 1127 Branchless Banking Units (Business Correspondents).

Products and Services

The products and services provided by the bank are mainly categorized into businesses of Retail,

Corporate, NRI, MSME, and Agricultural industries. Under the Retail Business, the bank offers Deposits,

Loans, Cards, DMAT Services, Payment Services, Insurance, and Mutual Funds to individual customers.

Under the Corporate Business, the bank offers Loans & Advances, Project Appraisal services, and

Syndication of Loans to the business entities. Under the NRI business segment, the bank offers Deposit

schemes, Loans, Remittance services, and Investment services to the Non Resident Indians. Under the

MSME business segment, the bank offers different schemes that aimed at providing loan and transaction

services to Micro Small and Medium Enterprises (MSME). Some of the MSME schemes available are OTS

Scheme, Composite loan scheme, Open cash credit (OCC), Artisans Credit Card (ACC), AB Laghu

Udhyami Credit Card (LUCC), AB Power Tools (Shakti), Technology upgradation fund scheme (TUFs),

Credit guarantee fund trust for small industries (CGTSI), AB Doctor Plus...etc. Under the Agriculture

business segment, bank provides different credit schemes to farmers, Women Empowerment schemes,

and Andhra Bank Rural Development Trust (ABRDT) helps Rural Self Employment Training Institutes

(RSETIs).


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Following are the various Deposit Schemesavailable -

AB Savings Accounts

AB Current Accounts

AB Term Deposits

AB Arogyadaan Scheme

AB Bancassurance Life

AB Bancassurance (Non Life)

Retail Loans

Agricultural Loans

Corporate Banking

NRI Banking

NRI Products and Services

NOSTOR details for remittance

Western Union Money Transfer

Following are the various Technology Productsavailable -

Internet Banking

Credit cards (Either on the basis of Fixed Deposit or latest Income Tax returns)

Multi City Cheque Facility

On-Line Tax Accounting System (OLTAS)

Real Time Gross Settlement (RTGS)

Instant Funds Transfer

ATM Services

Any Branch Banking

Electronic Clearing Service (ECS)

National Electronic Funds Transfer

During FY 2011-12, your Bank has taken many I.T. initiatives to improve Customer Service like:

Bank has launched e-Donations facility for donations to Shri Siddhivinayak Temple, Mumbai.

Customer of any Bank having Mobile Banking Facility can donate funds by sending an SMS in a

prescribed format to 810814400 with MMID (Mobile Identification Number) 9011111

Bank launched new e-banking centres at Nanakramguda and vidyanagar branches on 31.12.2011.

The facilities include :

1. ATM Machines, 2. Self Service Pass Book Printer,3. Automated Cheque Deposit Machine, 4. Kiosk to

carry out Internet Banking 5. Hot Line to our Call Center.Customers will be able to Draw Cash, Deposit

Cheques,Update their Pass Books and carry out Internet Banking on a 24X7 basis on all days.


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Bank introduced a new Loan Scheme for practicing Professionals named AB Professional Loan from

30.01.2012, to cater to the potential segment consisting of practising Chartered Accountants,

Architects, Engineers,Valuers, Management & Financial Consultants, Company Secretaries, Cost

Accountants, etc.,

Bank recently launched a new Product named Abhaya First Wealth Pack in all its Branches,

combining features of four products, viz., Recurring Deposit, Savings Bank Account, Unit Linked Plan

(Equity Option) and Life Insurance Cover.This is available in

three denominations of Silver (` 25,000/-), Gold (` 50,000/-)and Platinum (` 1,00,000/-).

The Prepaid Cards launched by Bank in September 2011 under Gi f t and Internat ional Travel

received good response from the Customers.The Gi f t Cards are avai lable in flexi denomination from

Rs.250/- to Rs.50,000/-. Gift Cards, like :International Travel Prepaid Cards are issued initially in US

Dollars. The Cards are issued with an initial load of USD 200 and reloading in multiples of USD 10

International expansion

Andhra Bank opened a representative office in Dubai in May, 2006 and another at Jersey City, New Jersey

(USA), in June 2009. A foothold in New Jersey is strategic for the bank as the state has a large number of

Indians from Andhra Pradesh.

In 2010 Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly ownedbyBank of Baroda,Indian Overseas Bankand Andhra Bank. The new bank, India BIA Bank (Malaysia), will

have its headquarters in Kuala Lumpur, which has a large population of Indians. Andhra Bank will hold a

25% stake in the joint-venture. Bank of Baroda will own 40% and IOB the remaining 35%.

Awards

BEST BANK MID-SIZEBusinessworld-PricewaterhouseCoopersSurvey for India's Best Banks 2010

BEST BANK - for the Quality of Assets byBusiness Today

BEST PUBLIC SECTOR BANK by State Forum of Bankers' Club Kerala

MSME NATIONAL AWARD
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Type Public

Industry Finance

Founded 20 November 1923 (88 years ago)

Headquarters Hyderabad

Key people B A Prabhakar (CMD)

Products Consumer banking,Credit cards,corporate

banking,finance and insurance,private

banking,wealth management,Agricultural Loans

Revenue Rs.12199 crore as on 31.03.2012

Operating

income

Rs.2,815 Crore as on 31.03.2012

Net income Rs.1345 Crore as on 31.03.2012

Total assets 108,900crore(US$21.73 billion)(2011)[1]

Employees 14,098 (2011)[1]

Website http://www.andhrabank.in
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andhra bank company profile

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