Warangal: APGVB on the growth curve

Warangal: K Praveen Kumar, Chairman, Andhra Pradesh Grameena Vikas Bank (APGVB) said despite being a challenging year due to Covid-19 situation and lockdown, the bank was able to sustain the growth trajectory. He said that the bank has made necessary changes in lending and it proved fruitful.

The bank was able to double its business under the gold loan segment from 953 crore in 2020 financial year to 1,876 crore in 2021 financial year.

The bank has lowered its housing loan interest to 6.95% with attractive products to remain competitive in the market and to increase market share, he said. As on March 31, 2021, the bank's distribution network was at 775 branches.

In addition, the bank has 2,512 business correspondents (BC) as against 2,056 as of March 31, 2020. The transactions at BC points increased over 50% during the year.

Bank has deployed 9 Mobile ATM's during the year taking the count to 15 to help people transact during lockdowns which eliminates the need for the general public to visit the Branches.

Customers can conduct multiple operations using the mobile ATM and are also beneficial for creating financial awareness among the public, which will be operational at each location for a specific period.