https://thebankinfo.com/

ANDHRA BANK

Jan 21, 2020 351

HISTORY:

          Andhra Bank was founded by the famous freedom fighter and multi-talented  Dr. Bhogaraju Pattabhi Sitaramayya. The Bank was registered on November 20 in the year 1923 in machilipatnam and started business on November 28, 1923 with a disbursed capital of Rs 1.00 lakh and an authorized capital of Rs 10.00 lakhs.Apart from the different banking services and various solutions,The Andhra bank has introduced some attractive services such as AB premium current account and AB privilege corporate savings bank account with extra benefits for clients salary. Also, the bank has launched a scheme AB Saral housing loan includes housing loans up Rs. 20 LAX.Andhra Bank has also joined with various financial institutions such as Kotak Mahindra, Reliance, Birla Sun Life Investment Funds and Fidelity Investment Fund, and to help them in the sales of their own investment fund products. The bank has also signed a memorandum of understanding with the Maruti Suzuki Ltd. to finance the four-wheel vehicles.
           Andhra Bank is the first bank in India and launched a biometric ATM mobile devices. These ATMs at certain locations previously stopped, and instead of entering a personal identification number (PIN), customers must match the fingerprints with fingerprints recorded in the bank's database. This has enabled even illiterate or uneducated customers of the bank to enjoy ATM facility provided by the Bank.Andhra Bank offers various private, including insurance plans and health benefit plan and childlike Bank Swashya Bima Yojana. Andhra Bank's first representative office in Dubai opened in May 2006.

Achivements:

Andhra Bank ranked 532 for the year ended 31 March 2007 among the top 1000 banks in the world by The Banker, a London-based publication based on Tier I capital as defined by the Bank of Basel For International Agreements

MD: Shri Suresh N Patel