Andhra Bank (Telugu: ఆంధ్రా బ్యాంకు) 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$30 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$880,000) 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.
|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$450 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)|