AP Grameena Vikas Bank to add 15 more branches by fiscal end

Courtesy: HIndu Business Line
Visakhapatnam, Oct. 10

The Andhra Pradesh Grameena Vikas Bank plans to add 15 more branches to the existing 539 in the State, according to the Bank's Chairman, Mr K. Lakshmana Rao.

He was speaking at the valedictory ceremony of a three-day home and vehicle loan expo organised by the bank on Sunday. He said the new branches would be opened before the end of the financial year. “A branch will be opened at Visalakshinagar here and one more at Gajuwaka,” he said.

Retail lending

Mr Lakshmana Rao said the bank wanted to increase retail lending to its customers.

At present, of the total advances of Rs 3,389 crore, retail loans amounted only to 10 per cent. “We want to focus more on the retail loans - home loans, personal loans, education loans and car loans,” he said.

He said the bank wanted to compete with commercial banks and offer all the facilities to the customers. “Our main strength is the large rural customer base. We will do our best to cater to their financial needs,” he added.

Mr V.N. Vishnu, the Commissioner of the Greater Visakhapatnam Municipal Corporation, who was the chief guest at the valedictory ceremony, urged the bank to strive for financial inclusion and to offer more loans to women's self-help groups, both in rural and urban areas.

He suggested that no-frill accounts be opened for those below the poverty line and such families should be offered a loan of at least Rs 25,000 without any security, he said.

Self-help groups

He promised to help the bank by depositing some of the funds of the GVMC in the bank, but the bank should lend liberally to the SHGs of women within the GVMC limits.