SBI plans to open 40 branches in Andhra Pradesh

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SBI plans to open 40 branches in Andhra Pradesh

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The SBI (State Bank of India) is planning to open 40 more branches in AP, in adding to the existing 1,406, Chief General Manager, SBI Amaravati Circle, Mani Palvesan has expressed.

Marine food exports
Launching the new premises of an overseas branch at the Siripuram, VIP road on Sunday he told established during the mid-1980s, it was the only overseas branch of the SBI in Andhra Pradesh, Visakhapatnam is the commercial capital of the State after a division of the state. the overseas branch would continue to serve the State from Vizag, the CGM told the media. “The SBI had started specialization of its business during the 1970s. At present, the overseas branch is doing fund-based business to the tune of Rs. 700 crore and non-fund based business of Rs. 600 crore. The branch has registered a profit of Rs 48 crores in 2017, he expressed. Make reference to the role of the overseas branch, Mr. Palvesan said Andhra Pradesh was a leading marine food exporter in the country, especially shrimp and the SBI was financing the exports.

“Most of the tank farming farms and hatcheries are in the Godavari and Krishna districts, but the consignments are being exported through the Visakhapatnam Port and the overseas branch was serving to the needs of these exporters”, he expressed.

Retail Lending
Giving details about the SBI Amaravati Circle, take in all 10 districts in the state, Mr. Palvesan expressed the circle was formed last year. “The SBI Amaravati Circle has registered a deposit of Rs. 92,000 crore and the advances stand at Rs. 82,000 crores. There are 1,406 SBI branches in the State, of which 220 are in the Visakhapatnam Zone and 110 are in the city itself,” Mr. Palvesan pointed out. The CGM said that the SBI had the highest share in home loans in AP after Mumbai on retail lending to the agriculture sector in the state is the highest in India. Replying to queries, he expressed after the merger of the SBH with the SBI, 400 branches had been added in the state and did not see the need to open any new branches shortly.

The bank issues 25% of the total loans to small, macro and medium enterprises in the state under the Mudra Yojana, the lending target for the current fiscal year is Rs. 1,000 crore, of which 50 % have been achieved. SBI Vizag Zone Deputy General Manager M.B Diwakar was present on the occasion.

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