Company History - Andhra Bank
EVENTS
1980 - The Bank came into existence on 15th April, consequent to the
taking over of the undertaking of Andhra Bank, Ltd. 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 the 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 and 2 Union Territories
as
at the end of the 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's 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 (NRIs).
- The credit card division of Andhra Bank will market
cards with additional features -- such as the rollover
facility -- to its account-holders, though it will not 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
the 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 and personal
banking.
-Andhra Bank has reduced their rate of interest on the housing loans
and 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
(Kerala).
-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 the 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 and
NRE term deposits.
-Andhra Bank takes position in Top 1000 banks of the world, as its
operating
profit zoomed 77%.
-Shri Anil Kumar sood, Mr. Mallineni Rajaiah, Shri S Swaminathan and
Shri T Navneeth Rao are amongst the share holders who have been
appointed
as shareholders Directors.
-Andhra Bank has received Insurance Regulatory and Development
Authority
license to act as a corporate agent for procuring or soliciting
business of
the United India Insurance Company 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's 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 (AIABOF) 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 the 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 the Bank.
-Bank has appointed 71 agriculture graduates from different
universities as
Rural Development Officers (RDO), 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
and 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 the 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 the account holder.
-ALEAP inks pact with Andhra Bank, CGTSI
-Andhra Bank has launched two credits card brands targeting the
artisians and self-employed beneficiaries. The two cards, Artisan
Credit Card and 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 Division), 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 the 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 the securitisation of
individual housing loan portfolio to the extent of Rs 50.36 crore,
becomes the first public sector bank (PSB) to go in for
securitisation of its housing loan portfolio
-Signs MoU with Bajaj Auto Ltd. 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 and 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 (ATMs). On March 29, 2004
- TS Narayana-sami has taken over as chairman and managing director
of public sector Andhra Bank
-Andhra Bank has started live operations with Real Time Gross
Settlement (RTGS) system, the online funds transfer service, as a
part of the guidelines and framework of the Reserve Bank of India
(RBI)
-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
account with the bank at a very affordable premium
-Andhra Bank signs agreement with Export Credit Guarantee Corpn. of
India Ltd. (ECGC) for marketing of ECGC's export credit insurance
products through the network of the bank's branches
-Andhra Bank, Indian Bank forge alliance to share their automated
teller machine (ATM) 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 and two insurance schemes
for self-help groups (SHGs) and senior citizens.
- Andhra Bank ties-up with Kirtilal Kalidas & Company, a leading
jewellers to extend loans for the purchase of jewellery.
-Appoints Shri K Ramakrishnan as Chairman and Managing Director (CMD)
upto July 31, 2008
-Andhra Bank join hands with NCMSL for loans against farm produce
- Andhra Bank receives registration as Depository Participant (DP) 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 Division), New
Delhi, vide Gazette Notification dated October 20, 2006, in exercise
of the powers conferred by clause (b) sub-section (3) of Section 9 of
the Banking Companies (Acquisition and Transfer of Undertakings) Act,
1970/1980, read with sub-clause (1) of clause 3 of the Nationalized
Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980,
has nominated Shri G B Singh, (Deputy Secretary (BOI), Ministry, of
Finance, Banking Division, New Delhi), as Director of the Bank on the
Board of Directors of the Bank ,in place of Shri Rakesh Singh, (Joint
Secretary(IF), Ministry of Finance, Banking Division, New Delhi)
existing Director of the Bank with immediate effect and until further
orders.
-Andhra Bank sets up 21st branch in Kerala at Vyttila in Kochi on
December 15.
2007
-Andhra Bank rolls out Bima Utsav
-Andhra Bank to set up biometric ATMs
-Andhra Bank all set to introduce mobile ATM in Vizag
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.
-Andhra Bank signs MoU with Crisil
-Andhra Bank rolls out 'Bima Utsav II'
2009
-Andhra Bank has been awarded the 'Indira Gandhi Rajbhasha Puraskar
2008' for the execution of official language policy in the bank.
-Andhra Bank on June 23 launched a deposit scheme 'AB Recurring Plus'
with several special features, including monthly instalments of not
less than Rs.100 and not more than Rs.1 lakh (core amount).
2010
- Andhra Bank has appointed Mr. A. A. Taj, General Manager, Union
Bank of India, as a whole time Director (designated as the Executive
Director) of Andhra Bank.
- Andhra Bank has entered into an insurance joint venture with Bank
of Baroda and Legal and General.Launching the joint venture under the
name IndiaFrist Life Insurance Company Ltd.
- Andhra Bank has has appointed Shri. Manoranjan Das, Special
Assistant, Andhra Bank, as Workmen Employee Director on the Board of
Directors of Andhra Bank for a period of three years from the date of
nomination or till he ceases to be a workmen employee of the Bank or
until further orders, whichever is earliest.
- Andhra Bank has appointed Shri Manoranjan Das, Special Assistant,
Andhra Bank, as Workmen Employee Director on the Board of Directors
of Andhra Bank for a period of three years from the date of
nomination or till he ceases to be a workmen employee of the Bank or
until further orders, whichever is earliest.
- Andhra Bank has tied up with the United Arab Emirates Exchange
Centre at Kuwait in an arrangement under which the bank's customers,
NRIs there, can remit amounts that will be credited to account
holders in India the same day.
2011
- Issue and allotment of equity shares to Government of India on
preferential basis.
- Sri. TVS Chandrasekhar, General Manager, is designated as the Chief
Financial Officer of the Bank
2012
- Andhra Bank cuts Base Rate by 25 bps to 10.5%
- Base Rate and Benchmark Prime Lending Rate (BMPLR), with effect
from May 01, 2012.
2013
-Andhra Bank signs up with McKinsey to counsel biz transformation.
-Andhra Bank launched its first e-banking zone at the Seetammadhara
branch in Visakhapatnam.
2014
-Andhra Bank has recommended an Interim Dividend of Rs. 1.10 ps per
share (@ 11%).
2015
-Andhra Bank tops priority lending in AP: SLBC
2016
-Andhra Bank ties up with Cigna TTK, Reliance General Insurance.
