Indian banking system safest in the world

Ongole: Andhra Bank Amaravati circle general manager KSD Siva Vara Prasad announced that the Indian banking system follows safe mechanism and is the best system in the world. He inaugurated the new premises for Zonal Office of Andhra Bank in Ongole on Friday.

After the inauguration, Siva Vara Prasad said that Andhra Bank Amaravati circle now operates 935 branches with more employs more than 7200 staff in them. He announced that the bank registered a turnover of Rs 1,010,00 crore in 2018-19, including Rs 56,000 crore deposits and Rs 45,000 crore advances.

He said that they have given Rs 20,000 crore as loans to priority sector and Rs 9,000 crore to MSME sector. He said that the bank has a recovery rate of 94 per cent and has total NPAs around Rs 29,000 crore.

He said that the net NPA would be only around Rs 9,000 crore after considering the assurances, performances and one-time settlement options for the clients. He said that the Andhra Bank was utilising technology to advance in the market and has a record 98 per cent of up time of 1,100 ATMs being operated by them.

Also being the convener of State Level Bankers' Committee, Siva Vara Prasad said that 50 commercial banks in the state have received deposits of Rs 3,06,000 crore and sanctioned loans to the tune of Rs 3,16,000 crore.

The CGM said that the SLBC has sanctioned 49 per cent of loans to priority sectors like DWCRA groups, Agriculture and other schemes, 12 percent to MSME and 20 percent to retail sectors. The Andhra Bank Ongole zonal manager P Ramakrishna announced that they are proud to work in the bank established by Bhogaraju Pattabhi Sitaramayya, with the zone spread in two districts, Prakasam district and Sri Potti Sriramulu Nellore district, all are connected to the great freedom fighters. He said that they have 58 branches in Prakasam district and 42 branches in Nellore district with workforce of 800.

Siva Vara Prasad that the zone has a turnover of Rs 9,700 crore in the last financial year with Rs 5,300 crore of loans and Rs 4,400 crore of deposits. He said that in attempts to provide the best customer service, they are upgrading the offices and technology in the bank.