Category: Allahabad Bank

Andhra Bank is a medium-sized Public Sector Bank (PSB) of India. It was founded in 1923 by Bhogaraju Pattabhi Sitaramayya in Machilipatnam, Andhra Pradesh. The Government of India owns 90.85% of its share capital. Andhra Bank has its headquarters in Hyderabad, Telangana, India. Plans to merge it with Union Bank of India were disclosed by Finance Minister of India in August 2019. Andhra Bank has more than 2800 branches, 4 extension counters, 38 satellite offices and 3500+ Automated Teller Machines (ATMs). The bank entered in the states of Himachal Pradesh and Tripura during 2011-12. Andhra Bank is a leading bank in terms of Life Insurance Policies. If you are an account holder in Andhra…
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Source: https://www.republicworld.com/business/andhra-bank-opening-time-closing-time-and-lunch-time/?amp=1

December 01, 2013 02:07 pm | Updated November 16, 2021 06:21 pm IST – VIJAYAWADA: Andhra Bank will be launching its new insurance-linked savings account scheme ‘AB Jeevan Abhaya Plus’ from December 1. Disclosing this at a press meet here on Saturday, the bank’s Deputy General Manager G. Ravi Kumar said that the scheme was being launched nationwide as part of the bank’s 70th year .As per the scheme, customers who would opt for this savings account will be provided insurance cover of Rs. 2 lakhs. The insurance cover will be given by India First Life Insurance Company, an insurance company jointly promoted by Andhra Bank and Bank of Baroda. The bank proposes to enlist at least…
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Source: https://www.thehindu.com/news/national/andhra-pradesh/new-insurance-linked-savings-scheme-from-andhra-bank/article5410317.ece/amp/

Andhra Bank executive director Satish Kumar Kalra has been given additional charge of the managing director and chief executive officer of the bank. The position fell vacant after the superannuation of chairman and managing director C V R Rajendran last month. Department of Financial Services, Union Finance Ministry has entrusted the the additional charge to Kalra, Andhra Bank said in a filing issued to the stock exchanges. Kalra will hold the additional charge for a period of three months, or till the date of appointment of a regular managing director and chief executive officer or until further orders, which ever is the earliest, according to the filing. Click here to follow our…
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Source: https://www.business-standard.com/amp/article/finance/s-k-kalra-given-additional-charge-as-andhra-bank-managing-director-115051500736_1.html

Two public sector banks, Andhra Bank and Indian Bank, have slapped notices on 7 Acres Studios, located adjacent to the main Annapurna Studios in the upmarket Jubilee Hills in Hyderabad, for recovering loans to the tune of Rs 62 crore.Promoted by actor-entrepreneur Nagarjuna Akkiineni, Annapurna Studios is said to have failed to repay Rs 32.3 crore to Andhra Bank and Rs 29.7 crore from Indian Bank.”There is no denial that we received notices from the banks. We are talking to the bank officials and hope to arrive at a settlement soon,” Annapurna Studios’ spokesperson said on Monday. Click here to follow our WhatsApp channel
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Source: https://www.business-standard.com/amp/article/finance/andhra-bank-indian-bank-slap-notices-on-annapurna-studios-115032400808_1.html

Hyderabad: Police in Sangareddy district, approximately 63 km away from Hyderabad, Telangana, has apprehended 12 individuals for allegedly defrauding Andhra Bank. The case, registered at RC Puram police station, involves the accused obtaining loans in the name of 15 companies back in 2018.According to reports, the accused successfully secured loans and made payments to the bank for a period of two years. However, when they sought to renew the loans, discrepancies in the submitted documents surfaced. An internal inquiry conducted by the bank revealed the irregularities, prompting them to halt the loan renewal process.In 2021, the bank filed a case against the accused. Meanwhile, it was…
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Source: https://www.timesnownews.com/hyderabad/hyderabad-12-arrested-for-multi-crore-bank-fraud-in-telanganas-sangareddy-district-article-107871802

Hyderabad: State-run Andhra Bank is bracing for a hit after farmers in Andhra Pradesh and Telangana stopped repaying agricultural loans even before the new governments of the two states release money to follow up on loan waivers promised in their budgets for the year to 31 March.

Ninety per cent of Andhra Bank’s agricultural loan book of ₹ 21,215 crore is made up of loans to the two southern states that are its home market, making it highly vulnerable to defaults by farmers. Farm loans accounted…
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Source: https://www.livemint.com/Industry/VhYSlrh6qZTevUbxLXTQiP/Andhra-Bank-readies-to-take-hit-as-farmers-stop-repaying-loa.html?facet=amp

A day after a massive fire reduced the Andhra Bank branch here to ashes, bank personnel have begun picking up pieces.Officials began working from the Pandaripuram branch where makeshift arrangements were made. “We began operating with four personnel at Pandaripuram, and we will start regular operations at the existing branch from Monday,” Deputy General Manager L. Girish Kumar said.Meanwhile, anxious customers who thronged the branch premises were told by officials that the entire data pertaining to their savings accounts, loans and deposits had been retrieved, as the branch had been integrated with the main server. Incidentally, the bank safe lockers have been found…
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Source: https://www.thehindu.com/news/national/andhra-pradesh/a-day-after-fire-andhra-bank-resumes-operation/article7377487.ece/amp/

Andhra Bank has entered into corporate agency agreements with Cigna TTK Company Ltd, and Reliance General Insurance Company Ltd for providing health and general insurance respectively, to its customers. “The tie-up with both the insurance companies will immensely benefit the customers by providing alternatives in choosing products. These partnerships will provide mutual benefit to the bank and insurance companies in tapping the potential in the market and also help in increasing the insurance coverage,” Andhra Bank said in a statement. Click here to follow our WhatsApp channel The two separate agreements were signed in presence of Andhra Bank Executive Director S K Kalra, MD and CEO…
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Source: https://www.business-standard.com/amp/article/finance/andhra-bank-ties-up-with-cigna-ttk-reliance-general-insurance-116092300465_1.html

Andhra Bank has selected Hewlett- Packard (HP) India, as its partner of choice for implementing a Core Banking Solution (CBS). Infosys’ Finacle Core Banking Solution to be deployed over a 5 year period, is expected to enable Andhra Bank achieve significant cost advantages and better business outcomes in the competitive banking arena in India.Under the terms of the contract, HP will implement and manage Core Banking Solution (CBS) across Andhra Bank branches in the country.The Core Banking Solution implementation using HP OpenBank Reference Architecture on HP’s computing technology will help the bank’s customers in India, access its products and services on a 24×7 basis. The…
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Source: https://www.firstpost.com/business/biztech/andhra-bank-selects-hp-to-implement-core-banking-solution-1862603.html/amp