Andhra Bank plans exclusive locker centres

Andhra Bank is planning to set up exclusive locker centres across the state. CVR Rajendran, its CMD, said currently lockers were available at only bank branches, and due to heavy demand and lack of space they were not able to provide lockers to every customer. "In view of this, we are planning to set up exclusive locker centres, which will not only enable the bank to satisfy its customers but also earn additional revenues for it," he said.

New Executive Director of Andhra Bank

 

Satish Kumar Kalra has been elevated as Executive Director of Andhra Bank from his present assignment as General Manager, Treasury Operations of Allhabad Bank. Mr. Kalra joined the banking industry in 1981 as Probationary Officer in Allahabad Bank and worked in various capacities. 

Andhra Bank to hire over 1,000

Andhra Bank will recruit over 1,000 personnel in supervisory and clerical positions. This includes 100 marketing staff on contract, Mr R.S. Reddy, Chairman and Managing Director, Andhra Bank, told. Last year, the bank had recruited over 900 officers and clerks. “The hiring will be done at the earliest as we will be opening 110 new branches before June this year. We are also lining up some important product launches. For all, manpower is vital,” Mr Reddy said. The bank, which has crossed the Rs 1-lakh crore business mark last week, six months ahead of the target, aims to cross Rs 1.50-lakh crore business by September 2010. The credit offtake is healthy and Rs 23,000 crore has been sanctioned to the corporate sector last year. “Out of this, Rs 10,000 crore is yet to be disbursed. The infrastructure projects are doing well while the real estate is dull,” he said. While the yield on advances for the bank is over 11 per cent, the cost of deposits is lower than 7 per cent with over three per cent interest margins. To achieve greater operational efficiency, the organisational structure of the bank has been revamped. Five new zones have been created in addition to the existing 17 zones, he said.