Introduction
Andhra bank is one of the well known banks of the country. As the name suggests it was started in the state of Andhra pradhesh, India and was founded by Dr. Bhogaraju Pattabhi Sitaramayya. He was an eminent personality and a freedom fighter, he was born in Gundugolanu village of west Godavari district, Andhra Pradesh owing to serve his people he started it. The bank was registered and established in the year 1923 on 20th of November, with a paid up capital of Rs. 1 Lakh and 10 lakhs of authorized capital commenced its business therewith from 28th November 1923.The bank aims to provide all possible banking services through new customer oriented products and to maximize its share holder value, by becoming a significant player in the economy. And the bank's objectives are reaching up to the world class performance standards through apt usage of both human resources and technology to work towards providing extraordinary customer services.
International Presence
Andhra bank is a public sector Bank; the government of India and the Life insurance Corporation of India are its major share holders amounting to almost 70% of the shares. The bank operates throughout the country (over 25+states) and also in a few union territories with a wide network of more than 2000 branches in the vision of benefiting its customers by providing them the access to banking facilities and financial services anywhere, any time through multiple mediums. In the year 1981 it issued credit cards making it a pioneer in this country.
The bank also has tie ups with the United India insurance company limited under Bancassurance and was ranked the no.1 position for being the only bank to have mobilized a large number of life insurance policies compared to the other banks that deal with the insurance lead of India, the life insurance corporation. And is listed in both major exchanges the national stock exchange and the Bombay stock exchange. Andhra bank along with the government of the state of Andhra Pradesh initiated to sponsor the Andhra Pradesh Banker's Institute of Entrepreneurship development for offering training to the job seeking youth population for improving their skills and talents in Andhra Pradesh, various institutions such as the National bank for agriculture and rural development (NABARD), the Indian bank, the Indian overseas Bank, the Canara bank and the state bank of Hyderabad also contributed to this genuine service provided by the bank.
Apart from this it has also adopted the Gundugolanu village, the birth place of its founder and the place where the bank is situated and a huge budget was allocated for the purpose of improving the village in the fields of education, sanitation, health, infrastructure and other amenities.
Services
The bank provides its services under categories of:Services offered by the bank under Corporate business :
Project appraisals
Loans and advances
Loan syndication
Under the Agriculture business area the bank offers the following facilities:
Women empowerment schemes
Andhra bank rural development trust (ABRDT)
Under the MSME (micro small and medium enterprises) business segment the bank offers:
Composite loan scheme
AB doctor plus
ACC (Artisans credit card)
LUCC (AB laghu udhyami credit card)
AB power tools (shakthi)
TUF's (technology up gradation fund scheme)
OCC (open cash credit)
CGTSI (credit guarantee fund trust for small industries)
OTS scheme
Under Retail business segment the bank offers the following facilities to the individuals:
DMAT services
Deposits
P payment services
Loans
Insurance
Cards
Mutual funds
Under the NRI (non -resident Indians) segment the bank offers facilities to the non residents such as:
Investment services
Deposit schemes
Remittance services
Loans
Awards
The bank was awarded the 'best bank award' by IDRBT, an award for banking technology for using IT extensively in semi-urban and rural areas. It has gained much appreciation for its dedicated services catering to the needs of the nation and its people through its vast list of wide spread branches across the country.Website: www.andhrabank.in
Contact details:Head office:
5-9-11, Dr Pattabhi Bhavan,
Secretariat Road, Saifabad
Hyderabad 500004.Telangana.
Ph: 040- 23252000 Extn: 2422
Fax: 040- 23231385
Toll Free Number: 1800 425 1515, 1800 425 2905