The AP Grameena Vikas Bank (APGVB) has bagged ‘Social Banking Excellence Award-2015’ from The Associated Chambers of Commerce of India (ASSOCHAM) under rural banking category.
The APGVB chairman V Narasi Reddy has received the award from Union Minister of State for Finance Jayant Sinha during the ASSOCHAM’s 11th annual banking summit held in Mumbai recently in the presence of SBI Managing Director P Sreeram.
Inclusive growth
The ‘Social Banking Excellence Award’ recognises and rewards models of inclusive growth for sustainable development and innovative approaches towards creating value for society and business together.
The grameena bank has contributed towards inclusive growth through its rural banking activities such as inculcating banking habits and promoting banking culture among rural population. The bank’s best practices were identified and it became a role model for other banks, chairman Narasi Reddy said.
According to him, as on March 31, 2015 APGVB has mobilised savings of Rs. 8,280 crore from 88.24 lakh customers, lent Rs. 9,066 crore to 11.73 lakh borrowers. It constitutes priority sector lending of Rs. 7,738 crore with 9.69 lakh borrowers.
The bank also opened 34,78, 439 basic savings bank accounts in rural areas, 1,81,569 SHGs were provided with an outstanding credit of Rs. 3403 crore.
Apart from 728 branches its services extended to 6,000 plus villages.
Mr Narsi Reddy said there were 1,880 Bank Mitras (Business Correspondent Agents) catering to the financial needs of 4444 unbanked villages, 2,03,986 rural people, who were outside any formal banking set up, were availing banking services from these Bank Mitras.
Nearly 90 percent of the APGVB operations were centered in rural areas, Narsi Reddy added.
