Andhra Bank was founded by the eminent freedom fighter and a multifaceted genius, Dr.Bhogaraju Pattabhi Sitaramayya. The Bank was registered on November 20, 1923 and commenced business on November 28, 1923 with a paid up capital of Rs1.00 lakh and an authorised capital of Rs10.00 lakhs.
Apart from regular banking services and solutions, Andhra Bank has introduced some attractive services such as AB Premium Current Account and AB Privilege Corporate Salary Savings Bank Account with extra benefits to the customers. Also, the bank has launched AB Saral Housing Loan scheme featuring housing loans upto Rs. 20 Lacs.
Andhra Bank has also partnered with various financial institutions like Kotak Mahindra, Reliance, Birla Sun Life Mutual Fund and Fidelity Mutual Fund, assisting them in sales of their Mutual Fund products. The bank has also signed a Memorandum of Understanding (MoU) with Maruti Suzuki Ltd. for financing 4 wheeler vehicles.
Andhra Bank is the first bank in India to have launched mobile biometric ATMs. These ATMs stop at predestinated sites, and instead of entering the personal identification number (PIN), the customers have to match their finger prints with their recorded finger prints in the bank database. This has enabled even the illiterate or uneducated customers of the bank to enjoy the ATM facility being offered by the bank.
Andhra Bank offers various special insurance and health benefit schemes including the Kiddy Bank Scheme and the Swashya Bima Yojana. Andhra Bank opened its first representative office in Dubai in May, 2006.
Services offered by the company:
Deposit SchemesRetail Loans Agriculture LoansCorporate Banking NRI Banking
RTGS- Real Time Gross Settlement System
AB Kisan Vikas Card- Andhra Bank takes a step forward in bringing the technology to farmers. The Pattabhi Agri Card (PAC), a Cash Credit facility for crop loans, has now access to ATM through Andhra Bank Kisan Vikas Card.
CMS- AB Cash Track is one of the technology-based products at the doorsteps for the fastest collection of cheques/DDs/payorder of the business community from various locations. Fastness, flexibility and foresight are the 3 Fs based on which its CMS is working and is standing FIRST in the servicing the business world. CMS is a value added service that ensures efficient cash flows of your business and eliminates idle floats and lowers the cost of funds.
ATMMobile - Andhra Bank the pioneer in several banking services and products, now brings banking services to the doorsteps of customers. Mobile ATMs, apart from expanding the reach of the bank, will also effectively function as a market point offering multiple services even in remote areas.
Western Union Money Transfer - Nearly 50% of the branches of Andhra Bank are designated centers to receive money under Western Union Money transfer.
DEMAT- Andhra Bank now offers the power of the value-added, service-oriented Demat account-AB Demat. Andhra Bank is Depository participant of Central Depository Services Ltd (CDSL).
Achievements/ recognition:
- FINTECH Asia 2006 Award For 'Any Branch Banking (ABB)'
- Ranked 683rd among Top 1000 Banks in the World
- 2nd Highest Mover in the World having climbed 277 places over previous year
- Ranked as the Top Number 1 Bank in Asia under the 'Return on Capital'
- Adjudged Best Bank by Analyst Magazine - An ICFAI Publication
- The Best Bank as per the Business Standard Annual Banking Survey, 2004-05
- Best Bank Rating from Business Today Magazine
- ICRA Rating for Corporate Governance
- Award of Institute of Chartered Accountants of India for excellence in Financial Reporting
- IBA Technology Award
- Awards for SLBC, as Convenor Bank in the State of AP
- Awards for Best Performance under Kharif Loans
- Best Bank in lending to Agriculture
- Best Banker in lending to Unemployed Youth under Rajiv Yuva Sakthi
- In 2006 Andhra bank was awarded the Best Bank Award - a banking technology award by IDRBT, Hyderabad for extensive use of IT in semi-urban and rural areas. In 2007, the bank received the Best Presented Accounts Award 2005 from the South Asian Federation of Accountants centre in Colombo.
- Andhra Bank has emerged as BEST BANK MID-SIZE, with Rank 1, Size of Balance Sheet Rs.90,380 Crore, Net Profit Rs.1,050 Crore in Businessworld - Pricewaterhousecoopers Survey for India's Best Banks 2010.
- The prestigious 'The Banker' - a Financial Times Limited Business Publication, July 2012 Issue published from London has ranked Andhra Bank as the ‘458th Largest Bank Globally', out of the Top 1000 World Banks' Annual Rankings.