History of Andhra Bank
EVENTS
1980 - The Bank came into existence on 15th April, consequent to the taking over of undertaking of Andhra Bank, limited It is a Government of India undertaking. The Bank transacts general banking business of all kinds including foreign exchange.
- The Bank has 974 full fledged branches, 40 cluster branches, 76 extension counters.
1983 - In March the Bank sponsored its second RRB 'Chaitanya Grameena Bank' in Guntur district.
1987 - The Bank sponsored its third RRB under the name 'Godavari Grameena Bank'. Thus by end of 1988-89, the Bank had three RRBs, which together had 121 branches.
1994 - Rs 184.32 crores capital subscribed by Government.
1996 - The Bank is 76 operating in 17 States & 2 Union Territories as at the end of year.
- Rs 165 crores capital subscribed by Government.
2000 - Andhra Bank Employees have gone on strike on 27th July to 28th July.
- AndhraBank Housing Finance Ltd, a subsidiary of Andhra Bank is planning to start 'housing cafes' in 15 cities throughout the country.
- Andhra Bank will be setting up a primary dealer subsidiary shortly.
- Andhra Bank has presented a proposal to Reserve Bank of India seeking to set up a subsidiary for dealing in governmet securities.
- Mr. C.R. Sharma took charge as the new Executive Director of Andhra Bank on 27th September.
- Andhra Bank installed a request transmitting machine at its Jubilee Hills Branch in association the Stock Holding Corporation of India Ltd., the country largest depository participant.
- The Karnataka Power Corporation signed a multipartite agreement with Karnataka Government, Infrastructure Development Finance Corporation, Andhra Bank and KPTCL for funding Raichur Thermal Power Station expansion project.
2001 - Andhra Bank has tied up with a real estate portal, indiaproperties.com, to provide housing loans through the Internet.
- Andhra Bank has announced that it has entered into a rupee drawing arrangement with the National Exchange Company, WLL, Doha, Qatar, for facilitating private remittances to India,mainly on behalf of non resident Indians [NRIss].
- The credit card division of Andhra Bank will market cards with additional features -- such as the rollover facility -- to its account-holders, though it won't fight shy of issuing cards to non-account holders too
2002
-Andhra Bank has posted a growth of 38% growth in its net profit for third quarter of Rs.46.78cr as against Rs.33.76cr for same period in previous year.
-Andhra Bank now mainly focussing on Retail lending & personal banking.
-Andhra Bank has reduced their rate of interest on the housing loans & is providing a series of special features.
-Andhra Bank signed Memorandum of Understanding with United India Insuranc Co.Ltd., and it would provide its products through various branches.
-Bank unveils Credit Card 'Laghu Udyami', which would offer hassle-free loan facility upto 2 lakh to small scale entrepreneurs.
-Shri Kasu Sudhakar has been appointed as part time Non-official Director of Andhra Bank.
-As an expansion plan, the Bank has opened a branch in Kottayam [Keralas].
-Andhra Bank has started its online ATM service.
-Bank started a new service called colllection of Direct taxes which comprises corporate tax, estate tax, gift tax etc.
-Andhra Bank opened a special counter at its Narayanagunda branch in Hyderabad to provide note exchange facility.
-Bank raised subordinated debt of Rs.140cr to increase its capital adequacy ratio.
-Andhra Bank situated at Nacharam has been endorsed with Quality Management System Certification conforming to ISO 9001:2000 standards.
-Bank has entered into an alliance with Western Union Financial Services International, so as to make available inbound money transfer services at all its locations in India.
-Bank reduces interest rates on deposits under FCNR scheme for US dollar, UK pound and Euro currency.
-R.Balakrishnan has been appointed as whole time Director on the Board of Andhra Bank.
2003
-Andhra Bank has slashed rate of interest on both domestic term deposits & NRE term deposits.
-Andhra Bank takes position in Top 1000 banks of world, as its operating profit zoomed 77%.
-Shri Anil Kumar sood, Mr. Mallineni Rajaiah, Shri S Swaminathan & Shri T Navneeth Rao are amongst the share holders who have been appointed as shareholders Directors.
-Andhra Bank has received Insurance Regulatory & Development Authority license to act as a corporate agent for procuring or soliciting business of the United India Insurance Comp. Ltd.
-Bank set up Trade Finance Centres at Ashoknagar, Chikkadapalli,Nampally and Malakpet in Hyderabad.
-Hyderabad zone of Andhra Bank has succeeded in the establishment of exclusive Lok Adalats to deal with bank defaulters for compromise deals.
-Bank has donated Rs.20 lakh to the state branch of Indian Red Cross Society.
-K.V.Subbiah, the general secretary of All India Andhra Bank Federation [AIABOFs] has been appointed as the new Director on the Board of Andhra Bank.
-Andhra Bank, venturing on its major IT initiative plans has sanctioned Rs.69cr
-The General Manager Mr G RamaKrishna Reddy inaugurated the first Agri-business centre at R.P.Road, Hyderabad.
-Bank has nominated Mr.Rakesh Singh, joint secretary, Ministry of Finance, Department of Revenue as the Director on the BOD of Bank in place of Mr.G.S.Dutt.
-Smt. Devaki MuthuKrishnan,Regional Director, RBI, Bangalore has been appointed as the Director on the Board of Bank.
-Bank has appointed 71 agriculture graduates from different universities as Rural Development Officers [RDOs], to soar its rural credit.
-IDBI has inked a strategic pact with Andhra Bank to hike their Automated Teller Machine reach.
-Andhra Bank has achieved 100% computerization of all its branches & all of them are running on uniform application software.
-Bank has appointed Shri B S R Mohan Reddy as Workmen Employee Director on the Board of Bank.
-Southern Railway Erode junction forms a strategic pact with Andhra Bank to accept credit cards for booking of train tickets
-Launched the anywhere banking facility for Acc. holder.
-ALEAP inks pact with Andhra Bank, CGTSI
-Andhra Bank has launched two credits card brands targeting the artisians & self-employed beneficiaries. The two cards, Artisan Credit Card & Swarojgar Credit Card were launched on December 20th .
2004
-Andhra Bank has informed that the Government of India, Ministry of Finance, Department of Economic Affairs [Banking Divisions], New Delhi vide Gazette Notification dated January 12, 2004 has nominated Smt. Deepali Pant Joshi, Chief General Manager, Reserve Bank of India, Hyderabad on the Board of Bank in place of Smt. Devaki Muthukrishnan, Regional Director, Reserve Bank of India, Bangalore.
-Bank awarded special prize for lending to self help group run by women
-Andhra Bank inks pact with Corpn Bank to share ATMs
-Andhra Bank card holders get healthcare sops from New India Assurance
-Signs MoU with National Housing Bank for securitisation of individual housing loan portfolio to the extent of Rs 50.36 crore, becomes the first public sector bank [PSBs] to go in for securitisation of its housing loan portfolio
-Signs MoU with Bajaj Auto limited for purchase of its two wheelers
- Eicher Tractors, a unit of Eicher Ltd, has entered into an agreement with Andhra Bank for retail financing of tractors to the farmers.
-ICICI Bank & Andhra Bank have announced a tie-up, that enables sharing of their ATM networks.
-Bank has entered into an alliance with HDFC Bank for sharing its network of automated teller machines [ATMss]. On March 29, 2004
- TS Narayana-sami has taken over as chairman & managing director of public sector Andhra Bank
-Andhra Bank has started live operations with Real Time Gross Settlement [RTGSs] system, the online funds transfer service, as a part of guidelines & framework of Reserve Bank of India [RBIs]
-Andhra Bank has opened an exclusive branch for non-interest income operations
-Andhra Bank sets up financial services centre in Hyderabad
- Andhra Bank has announced that it has joined hands with Mahindra Tractors for financing the distribution of tractors through the bank branches across the country
-Andhra Bank has launched a new health insurance product for its accountholders. The scheme called `AB Arogyadan' is to meet hospitalisation of family members of those who have any form of Acc. with the bank at a very affordable premium
-Andhra Bank signs agreement with Export Credit Guarantee Corpn. of India limited [ECGCs] for marketing of ECGC export credit insurance products through the network of bank branches
-Andhra Bank, Indian Bank forge alliance to share their automated teller machine [ATMs] facilities
-Andhra Govt inks pact with Nabard for Bamboo cultivation
-Andhra Bank unveils co-branded credit card in association with ICFAI
-Andhra Bank enters MoU with SBI Mutual Fund
-Andhra Bank signs MoU with TVS Motor
-SBI enters ATM tie up with Andhra Bank
-Andhra Bank signs MoU with TAM
-Andhra Bank partners with ACGA to aid women entrepreneurs
-Andhra Bank ties up with Tata Motors
-Bajaj Tempo inks pact with Andhra Bank
2005
-Launches composite credit card for farmers & two insurance schemes for self-help groups [SHGss] & senior citizens.
- Andhra Bank ties-up with Kirtilal Kalidas and Company, a leading jewellers to extend loans for purchase of jewellery.
-Appoints Shri K Ramakrishnan as Chairman & Managing Director [CMDs] upto July 31, 2008
-Andhra Bank join hands with NCMSL for loans against farm produce
- Andhra Bank receives registration as Depository Participant [DPs] of CDSL
-Andhra Bank has filed for its follow-on public offer for 8.5 crore new equity shares to raise nearly Rs 800 crore to shore up its capital.
2006
-Andhra Bank sets up new branch at Kalina
-Andhra Bank sets up overseas office at Karama in Dubai
-Andhra Bank joins hand with Consortium of Institutions for Higher Learning for study loans
- Andhra Bank has informed that the Government of India, Ministry of Finance, Department of Economic Affairs [Banking Divisions], New Delhi, vide Gazette Notification dated October 20, 2006, in exercise of powers conferred by clause [bs] sub-section [3s] of Section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970/1980, read with sub-clause [1s] of clause 3 of Nationalized Banks [Management & Miscellaneous Provisionss] Scheme, 1970/1980, has nominated Shri G B Singh, [Deputy Secretary [BOIs], Ministry, of Finance, Banking Division, New Delhis], as Director of Bank on the Board of Directors of Bank ,in place of Shri Rakesh Singh, [Joint Secretary[IFs], Ministry of Finance, Banking Division, New Delhis] existing Director of Bank with immediate effect & until further orders.
-Andhra Bank sets up 21st branch in Kerala at Vyttila in Kochi on December 15.
2008
- Andhra Bank has appointed Shri. Rajib Sekhar Sahoo, as part-time non-official Director on the Board of Andhra Bank for a period of three years with effect from the date of his appointment i.e., July 14, 2008, until further orders.
