The State Bank of India (SBI) is planning to open 40 more branches in Andhra Pradesh, in addition to the existing 1,406, Chief General Manager, SBI Amaravati Circle, Mani Palvesan has said.

Marine food exports

Inaugurating the new premises of an overseas branch on the VIP Road at Siripuram here on Sunday, he said established during the mid-1980s, it was the only overseas branch of the SBI in Andhra Pradesh, after bifurcation. Visakhapatnam, being the commercial capital of the State, the overseas branch would continue to serve the State from Vizag, the CGM told the media.  The SBI had started specialisation of its business during the 1970s. At present, the overseas branch is doing fund-based business to the tune of ₹700 crore and non-fund based business of ₹600 crore. The branch had registered a profit of ₹48 crore last year, he said. Referring to the role of the overseas branch, Mr. Palvesan said Andhra Pradesh was a leading marine food exporter in the country, especially shrimp and the SBI was financing the exports.

 Most of the aquaculture farms and hatcheries are in Krishna and twin Godavari districts, but the consignments are being exported through the Visakhapatnam Port and the overseas branch was catering to the needs of these exporters,  he said.

Retail lending

Giving details about the SBI Amaravati Circle, comprising all 13 districts in the State, Mr. Palvesan said the circle was formed last year.  The SBI Amaravati Circle has registered a deposit of ₹92,000 crore and the advances stands at ₹82,000 crore. There are 1,406 SBI branches in the State, of which 220 are in the Visakhapatnam Zone and 110 are in the city itself,  Mr. Palvesan pointed out. On retail lending, the CGM said that the SBI had the highest share in home loans in Andhra Pradesh after Mumbai and it s lending to the agriculture sector in the State is the highest in India. Replying to queries, he said after the merger of the SBH with the SBI, 400 branches had been added in the State and did not see the need to open any new branches immediately.

 The bank is giving about 25% of the total loans to micro, small and medium enterprises (MSMEs) in the State. Under the Mudra Yojana, the lending target for the current fiscal year is ₹1,000 crore, of which 50 % have been achieved. SBI Vizag Zone Deputy General Manager M.B Diwakar was present on the occasion.