Business people need not henceforth spend sleepless nights leaving huge cash in their shops or carry it with them back home risking their lives late in the night after downing the shutters.
“The cash recyclers which enables customers deposit cash 24 x 7 is a big hit in the Vijayawada circle,” said Andhra Bank General Manager Ajay Gupta.
Spurred by the response to its 300 cash recyclers set up across the circle, Andhra Bank planned to set up 100 more off-site cash recyclers in the circle, he said before inaugurating an off-site cash recycler at the busy Bapuji Market Complex here on Monday along with its Deputy General Manager B.V.S.N. Murthy.
“The bank will roll out another 100 cash recyclers in the Vijaywada circle during this fiscal,” Mr. Gupta said. It is a win-win situation for both the bank and the customer as customers could perform transactions round-the-clock, while the bank could save on loading of cash into ATMs to some extent.
‘Navshakti’ branches
Going forward, all the branches in the city would be converted into ‘Navshakti’ branches, providing anytime e-banking with facilities for cash deposit, withdrawal, updating of passbooks, and depositing of cheques.
Saddled with non-performing assets to the tune of Rs. 864 crore during last fiscal, he said the bank had come out with an attractive One Time Settlement (OTS) to liquidate bad loans with up to 20 per cent concession on interest payment. “For the first time, branch managers have been empowered to offer OTS for outstanding loan of less than Rs. one lakh. Those with outstanding loan between Rs. one lakh and Rs. 10 lakh could go for OTS at the zonal-level,” he said after reaching OTS with select customers to liquidate Rs. 73 lakh NPAs on a single day.
The gross NPA in the circle with a business of Rs. 34,000 crore was 8.39 per cent and net NPA 4.61 per cent in the last fiscal, he disclosed, adding that “we are focusing on bring down the NPA between two and three per cent.”
The NPA in the Ongole zone had come down to Rs. 85 crore last fiscal from Rs. 103 crore in the previous year, Mr. Murthy said, adding ''we have set a target to bring down the NPA further to Rs. 60 crore in the zone.”
Andhra Bank General Manager Ajay Gupta says steps are being taken to bring down the NPA between two and three per cent
