Andhra Bank targets one lakh crore business this year

Hyderabad, Aug 8 (UNI) Andhra Bank Chairman and Managing Director(CMD) R S Reddy today said the bank was planning to increase their business to Rs one lakh crore by the end of the current financial year.

Launching the new product of the bank 'AB Double Deposit scheme' here, he said the bank would try to achieve the target from the present Rs 84,000 crore.

Mr Reddy said the bank was also planning to bring more products as per the aspirations of the people. The bank was getting positive response from 16 million clients all over the country, he added.

Stating that the AB Double Deposit scheme was a 'Reinvestment Deposit' scheme, he said it was only for 90 months for the senior citizens and 93 months for others, with 9.60 per cent and 9.10 per cent interest respectively.

The CMD said the scheme would benefit the depositors immensely, which would enable them to to take care of their future commitments.

Stating that the bank wanted to expand its business abroad, Mr Reddy said the bank recently received permission to open a Representative Office at New Jersey, The bank had already opened its office in Dubai, he added.

He said trhe bank also planned to set up a joint-venture Insurance company with Bank of Baroda and with a Malaysian bank shortly.

Bank Executive Director Anil Girotra said the bank planned to convert 675 branches out of 1367 into core-banking service in the current financial year.

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