"Andhra Bank" was founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs. The Bank crossed many milestones and the Bank's Total Business as on 30.06.2008 stood at Rs.83,256 Crores with a Clientele base over 1.74 Crores. The Bank is rendering services through 2139 Business Delivery Channels consisting of 1371 branches, 66 Extension Counters, 38 Satellite Offices and 664 ATMs spread over 21 States and 2 Union Territories as at the end of June, 2008. All Branches are 100% computerized, 1186 units viz., 1101 Branches, 68 Extension Counters, 15 Service Centres networked under Cluster Banking solution and providing "Any Branch Banking(ABB)". Real Time Gross Settlement (RTGS) Facility and National Electronic Fund Transfer (NEFT) facility has been introduced in 723 Branches. To provide value-added services to Customers, the Bank has set up its own 664 ATMs as on 30.06.2008. Of which 03 Mobile ATMs and two with Biometric access. Besides, ATM sharing arrangements with several Banks including SBI group, IDBI Bank, UTI Bank, HDFC Bank, Indian Bank and others under National Financial Network Switch covering 24856 ATMs.
Bank is migrating to "Centralized Core Banking Solution". 118 Branches have already migrated to CBS. It is proposed to cover 550 branches by September 2009. This will benefit the customers, who will have access to banking and financial services anytime, anywhere through multiple delivery channels. Andhra Bank is a pioneer in introducing Credit Cards in the country in 1981 . Our Bank introduced Internet Banking Facility (AB INFI-net) to all customers of cluster linked branches. Rail Ticket Booking Facility is made available to all debit card holders through IRCTC Website through a separate gateway. Corporate Website is available in English, Hindi and Telugu Languages communicating Bank's image and information. Bank has been given 'BEST BANK AWARD' a banking technology award by IDRBT, Hyderabad for extensive use of IT in Semi Urban and Rural Areas on 02.09.2006. IBA Jointly with TFCI has conferred the Joint Runner-up Award to the Bank in the Bet Payments initiative in recognition of outstanding achievement of the Bank in promoting ATM Channel. Bank successfully conducted " Bancon 2006", a two day event at Hyderabad, deliberating on Inclusive Growth - A New Challenge. Kiddy Bank Scheme, with insurance benefits, was relaunched to inculcate savings habit among the children. Bank has mobilized nearly 90000 new accounts during 2007-08.
As a part of "Financial Inclusion", Bank adopted two districts, namely, Srikakulam in Andhra Pradesh and Ganjam in Orissa and achieved 100% coverage. Bank has introduced Smart Card Scheme Pilot project in Warangal District and the same will be extended to other Lead Districts in due course. Bank has opened 2.11 lakh accounts under "No-frill accounts" category till 30.06.2008.
Andhra Bank, along with A P State Government, NABARD, Canara Bank, Indian Bank, IOB and SBH sponsored the Andhra Pradesh Banker's Institute of Entrepreneurship Development, which will offer training to unemployed youth for improving their skills in Andhra Pradesh.
Bank adopted Gundugolanu village, West Godavari District, Andhra Pradesh - birth place of Dr.Bhogaraju Pattabhi Sitaramayya for all-round development. A comprehensive budget with an outlay of Rs.5.50 Crore is finalized for improving health, sanitation, education and social service facilities in the village.
Bank has been ranked No.1 in terms of number of Life Insurance Policies mobilized amongst all the Agency Banks dealing with "Life Insurance Corporation of India". Bank also has tie-up with United India Insurance Company Limited under Bancassurance(Non-Life).
Bank was ranked 532nd for the year ended 31.03.2007 amongst Top 1000 Banks in the world by "The Banker" - a London based publication based on Tier I Capital as defined by Basel's Bank for International Settlements (BIS).
Bank entered MoU with Bank of Baroda and Legal & General Group of UK to form a joint venture life insurance company. The shareholders' agreement has already been signed and necessary formalities are being completed for setting up of the company. The JV Company is already incorporated in June'08 and is in the process of filing for approvals from IRDA etc.,
Bank is in the process of forming a Joint Venture in Malaysia in association with Bank of Baroda and Indian Overseas Bank.
The Bank opened its Representative Office in Dubai in May, 2006 and has received permission from Reserve Bank of India, Federal Reserve Bank, USA for opening Representative Office at Jersey City, New Jersey (U S A).
Andhra Bank will open its Representative Office in New Jersey City in United States shortly. Bank feels United States would be an ideal location as Andhra Bank has been a household name among many NRIs there. A foothold in New Jersey is strategic for the 84 year old bank as it has a large number of non resident Indians from Andhra Pradesh.
Thus Bank accords utmost concern to customer satisfaction by offering innovative and need based financial products and services using state-of-the art technology.