Andhra Bank all set to touch Rs. 1 lakh

[sajiv]

Andhra Bank all set to touch Rs. 1 lakh crore deposits

TIRUPATI: Chairman and Managing Director of the Andhra Bank R.S. Reddy has said that the bank was poised to touch the Rs.one lakh crore bench mark in deposits and eyeing on the 'Medium Size Category Bank' status. The Bank's total deposits have reached a staggering figure of Rs.93,000 crore and we will achieve the Rs.one lakh crore benchmark by the end of the current fiscal, Mr.Reddy said, participating as chief guest at the 5th conference of the 'All India Andhra Bank Award Employees' Union' which got under way here today.

The CMD informed that the bank has set September 2010 for itself as deadline to secure the 'Major category Bank' tag. This requires the deposits reaching Rs.1.5 crore bench mark.Reddy explained that the bank was setting up many over-seas branches in the coming days as part of the Bank's all-round development drive.

Centralisation
He cited in this connection the Core Banking Sservices (CBS) put in place already in about 70% branches of the bank and said that the remaining branches also would be covered in the coming days. Reddy said the bank's endeavour was to focus its attention more on automation and centralization so that the bank staff could devote more time for customer service.

Suravaram Sudhakar Reddy MP (CPI) who is also the Chairman of the Standing Committee on Labour referred to the impact of the US economic meltdown on world economy and pointed out that if the Indian banking system could survive the crisis, it was only because of the Left parties which stood like a 'rock' against privatisation of the public sector banks. C.H. Venkatachalam, General Secretary, AIBEA and President, Asian Region Organisation of Banks, Insurance and Finance Unions wanted that the Centre to treat as 'wake up call' the way how even the major foreign banks have collapsed as a pack of cards in the wake of the economic crisis. Apprehending that the melt down would impact sooner or later even the Indian banking system, he called upon the government to take all precautionary measures on a war footing to insulate it from the impact. Nearly 2,000 members of the union earlier took out an impressive rally through the town T. Ravindranath, General Secretary, All India AB Award Employees Union, BSR Mohan Reddy, President, AIABAEU were also present.