|Traded as||NSE: ANDHRABANK
|Founded||20 November 1923|
|Founder(s)||Bhogaraju Pattabhi Sitaramayya|
|Key people||B A Prabhakar (CMD)|
|Products||Consumer banking, Credit cards, corporate banking, finance and insurance, private banking, wealth management, Agricultural Loans|
|Revenue||12199 crore (US$1.9 billion) for the fiscal year ended 31 March 2012|
|Operating income||2815 crore (US$430 million) for the fiscal year ended 31 March 2012|
|Net income||134 crore (US$21 million) for the fiscal year ended 31 March 2012|
|Total assets||108900 crore (US$17 billion) (2011)|
Andhra Bank (Telugu: ఆంధ్రా బ్యాంకు) (BSE: 532418) is a medium-sized public sector bank (PSB), with a network of 1,938 branches, 15 extension counters, 38 satellite offices and 1098 automated teller machines (ATMs) as on 31 March 2012. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank now operates in 25 states and three Union Territories.
The Government of India owns 51.55% of its share capital and is going to increase it to 58% by infusing 1100 crore (US$170 million) in capital. The state owned Life Insurance Corporation of India holds 10% of the shares. The bank has done a total business of 190535 crore (US$29 billion) for the fiscal year ended 31 March 2012.
Andhra 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.
Andhra 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 2 September 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 to inculcate savings habit among the children. Bank has mobilised nearly 90000 new accounts during 2007–08.
As a part of "Financial Inclusion", Andhra Bank adopted two districts, namely, Srikakulam in Andhra Pradesh and Ganjam in Orissa and achieved 100% coverage. Andhra 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 2,11,000 accounts under "No-frill accounts" category till 30 June 2008.
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.
Andhra Bank adopted Gundugolanu village, West Godavari District, Andhra Pradesh – the birthplace of its founder, Dr. Bhogaraju Pattabhi Sitaramayya. A comprehensive budget with an outlay of 5.55 crore (US$850,000) is finalised for improving health, sanitation, education and social service facilities in the village.
Andhra Bank has ranked No.1 in terms of number of Life Insurance Policies mobilised amongst all the agency banks dealing with the Life Insurance Corporation of India. The bank also has tie-up with United India Insurance Company Limited under Bancassurance (Non-Life).
Andhra Bank was ranked 532nd for the year ended 31 March 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).
Andhra Bank entered MoU with Bank of Baroda and Legal & General Group of UK to form a joint venture life insurance company IndiaFirst 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.
Dr. Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh. The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of 1 lakh (US$1,500) and an authorised capital of 10 lakh (US$15,000) 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 nationalisation 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.
IndiaFirst Life Insurance Company is a life insurance company in India. It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%). It was incorporated in November 2009. It has its headquarters in Mumbai. IndiaFirst Life made more than 200 crore (US$31 million) in turnover in just four and half months since the insurance company became operational. IndiaFirst Life insurance company is headquartered in Mumbai. IndiaFirst is the first life insurance company to be recommended for ISO certification within 7 months of inception.
Products and Services
The products and services provided by the bank mainly categorised 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).
Following are the various Deposit Schemes available
- 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 Products available –
- 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 December 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 call-centres. 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.
- Bank introduced a new Loan Scheme for practising Professionals named “AB Professional Loan” from 30 January 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 (25000 (US$380)), Gold (50000 (US$770)) and Platinum (1 lakh (US$1,500)).
- The prepaid cards launched by the bank in September 2011 under gift and international travel received good response from the customers. The gift cards are available in flexi denomination from 250/- to 50,000/-. Gift cards, like international travel prepaid cards, are issued initially in US dollars. The cards are issued with an initial load of US$200 and reloading in multiples of US$10
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 owned by Bank of Baroda, Indian Overseas Bank and 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%.
- BEST BANK MID-SIZE Businessworld – PricewaterhouseCoopers Survey for India's Best Banks 2010
- BEST BANK – for the Quality of Assets by Business Today
- BEST PUBLIC SECTOR BANK by State Forum of Bankers' Club Kerala
- MSME NATIONAL AWARD
- Andhra Bank ATM
- Andhra Bank on IndianBanks.org
- Draft Red Herring Prospectus of Andhra Bank filed with SEBI
- Official site for the bank
- Bank profile
- Bank History