Andhra Bank 1
Spread the love

As of 31 March 2019, Andhra Bank was India’s medium-sized public sector bank (PSB), with a network of 2885 branches, 4 extension counters, 38 satellite offices, and 3798 automatic teller machines (ATMs). The Bank joined the states of Tripura and Himachal Pradesh during 2011-12. The bank had operations in 25 states and three regions of the Union. The headquarters of Andhra Bank is in Hyderabad, Telangana, India. In April 2020, Andhra Bank merged with Union Bank of India, as announced by the Minister of Finance (India) in August 2019.

As of 31 March 2019, the Government of India owned 90.85 percent of its share capital. 7.80 percent of the shares are held by the state-owned Life Insurance Corporation of India. For the financial year 2015-16, the bank had performed a total business of about 3.106 billion (US$44 billion) and received a net profit of about 5.40 billion (US$76 million). On 04.03.2020, the Cabinet approved the merger of Andhra Bank & Corporation Bank into Union Bank. On 13.09.2019, the board of directors of the bank previously approved the merger into union bank.

Andhra Bank 2

Andhra Bank Company Profile

  • Name of Company: Andhra Bank
  • Company Type: Public
  • Industry of this company: Banking Financial Services
  • Year Company was Founded: 28 November 1923
  • Founder of this company: Bhogaraju Pattabhi Sitaramayya
  • Headquarters: Hyderabad, Telangana, India
  • Main Leaders in this company: J. Packirisamy (MD & CEO)
  • Subsidiaries: NA

Andhra Bank was established by Bhogaraju Pattabhi Sitaramayya in 1923 in Machilipatnam, Andhra Pradesh. The person who invested the financial capital to start the institution was Raja Yarlagadda Sivarama Prasad. The bank was registered on 20 November 1923 and began operations on 28 November 1923 with $100,000 (US$1,400) of paid-up capital and $1 million (US$14,000) of approved capital. The linguistic division of states was promulgated in 1956 and Hyderabad became the capital of Andhra Pradesh. Subsequently, the bank’s registered office was moved to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of commercial bank nationalization, which began in April 1980, the bank became a wholly government-owned bank. The bank merged with Bharat Lakshmi Bank in 1964, and its position in Andhra Pradesh was further consolidated.


Andhra Bank 3

India First Life Insurance Company is an Indian life insurance agency. It is a joint venture between two public sector banks in India, Bank of Baroda (44%) and Andhra Bank (30%), and Legal & General, a UK financial and investment firm (26 percent ). In November 2009, it was incorporated. In Mumbai, it has its headquarters. In just four and a half months after the insurance company became operational, India First Life has made more than $2 billion (US$28 million) in turnover. The insurance firm India First Life has its head office in Mumbai. India First is the first life insurance firm to be recommended within 7 months of inception for ISO certification.

Nirmala Sitharaman, the finance minister, declared on 30 August 2019 that Andhra Bank and Corporation Bank will be merged into Union Bank of India. The proposed merger would make Union Bank of India, with assets of about 14.59 lakh crore (US$200 billion) and 9,609 branches, the fifth-largest public sector bank in the world. Andhra Bank’s Board of Directors approved the merger on 13 September. On 4 March, the merger was approved by the Union Cabinet and completed on 1 April 2020.

All Customer Care details of Andhra Bank

The Internet Banking Facility (AB INFI-net) was introduced by Andhra Bank to all cluster-linked branch customers. The Rail Ticket Booking Facility is made accessible via a separate gateway to all debit cardholders and internet banking customers via the IRCTC website. The corporate website communicates the image and knowledge of the bank in English, Hindi, and Telugu languages. On 2 September 2006, the bank was awarded the ‘BEST BANK AWARD’ by IDRBT, Hyderabad, for the extensive use of IT in semi-urban and rural areas. In recognition of the Bank’s outstanding achievement in supporting the ATM Channel, IBA has jointly awarded the Joint Runner-up Award to the Bank in the category of Best Payments initiative with TFCI.

Andhra Bank 4

Andhra Bank funded the Andhra Pradesh Banker’s Institute of Entrepreneurship Growth, along with A P State Government, NABARD, Canara Bank, Indian Bank, IOB, and SBH, which will provide training for unemployed youth in Andhra Pradesh to improve their skills.


Andhra Bank adopted the village of Gundugolanu, West Godavari District, Andhra Pradesh, the birthplace of Dr. Bhogaraju Pattabhi Sitaramayya, its founder. For the enhancement of health, sanitation, education, and social support services in the village, a detailed budget with an outlay of ~55.5 million (US$780,000) was finalized.

 

Leave a Reply

Your email address will not be published. Required fields are marked *