AP is growing on all fronts: UBI MD

Tadepalli: Praising the Andhra Pradesh for its steady growth under the visionary Chief Minister YS Jagan Mohan Reddy, Union Bank of India MD & CEO A Manimekhalai said the State is growing rapidly on all fronts, be it social, economic or developmental activities, during the SLBC meeting held at Tadepalli camp office on Friday.

Addressing the meeting, which included bankers from various private and government banks, Manimekhalai said, "Aftermath of Covid-19, normalcy has prevailed and the economy is treading on a rising trajectory. Further, the district reorganisation decision of the CM is certainly a laudable step, helping further decentralisation of the administration, thereby boosting development in the State on all fronts."

She also appreciated the State for maintaining the top slot for three years in a row, in terms of Ease of Doing Business, which could establish the most congenial environment for industrial development ushering in new business avenues for the banks. She said that it is marvellous to know that AP has recorded 11.43% GSDP growth, the highest in the country during 2021-22 financial years, despite Covid blues.

The recently concluded Global Investors Summit has received Rs 13 lakh crores investment proposal in the State giving impetus to industrial development resulting in vast employment opportunities to people of the state, she added. The 970 km coastal line of the state, second largest in the country, is a beacon of rich source for seaport activities, thus ample scope for export credit for the banks, she stated.

Lauding the CM Jagan for launching numerous welfare and developmental schemes, Manimekhalai said that the schemes are reaching down to the last mile in an extremely transparent, seamless and efficient manner. She stated that AP would become a behemoth State in the country in medical infrastructure very soon because of the unprecedented infrastructure development activities in medical and education sectors.

Manimekhalai requested her fellow bankers to achieve 100% digital transformation in 17 districts while appreciating them for achieving in nine districts. She highlighted that AP is having banking outlets of 1,12,419 (Bank branches-7769, ATM 10553 & BCs 94097) covering a wide network of 64% bank branches in rural and semi-urban areas within which Union bank has 1,171 branches, 1614 ATMs, 2097 BC, 7 FLC, 9 RSETIs, 2 DBU and acting as Lead Bank in 14 districts out of total 26 districts.

She also asked the bankers to take serious attention to the action points of this meeting for implementation in letter and spirit to reach the expectations of the Government. "On behalf of the banking fraternity, SLBC of AP is assuring that we extend fullest support and cooperation to the State government and our active participation in State development would be our utmost priority," Manimekhalai said in her remark.