Public Sector Lender, Andhra Bank has set a target of generating Rs 150-lakh crore business by September 2010. As on March 31, 2009 the total business done by the bank stood at Rs.1,03,818 Crore, with a growth of 23.60 %.

The bank has taken multiple steps for expanding its business with introduction of new product lines and widening of the existing ones.

RS Reddy, chairman and managing director, Andhra Bank said, "All the 14,32 branches, 52 extension counters and 18 services centres of the bank have been brought under core banking solution (CBS) umbrella ahead of schedule."

The bank has also acquired licence from licensing authority, RBI for opening 121 new branches during year FY09-10. Of these, Krishna district will get two branches, said Reddy.

The bank has introduced several new products, including 'AB premium current account', AB Privilege - Corporate Salary SB account, `AB saral housing loan scheme' and `Anand Jeevan'. While ‘Anand Jeevan' is a reverse mortgage scheme targeting senior citizens, AB Privilege - Corporate Salary SB account targets high salaried individuals in metros. Under AB Saral Housing Loan scheme, the bank offers home loans up to Rs.5 lakhs at 8.5 percent interest rate and 10 percent margin. For loan amounts above Rs.5 lakhs and up to Rs.20 lakhs, the lending rate is 9.25 percent with a margin of 15 percent.

Other technical initiatives include Internet banking for retail and corporate customers, Online Tax Payment (eTax), SMS Alerts and non-personalised debit cards. The bank has three biometric enabled ATM, of which two are mobile ATMs.

The bank launched gold coins on 1st January 2009. It has also channelled with mutual fund houses like Reliance Mutual Fund, Kotak Mutual Fund, Fidelity Mutual Fund and Birla Sun Life Mutual Fund. For vehicle financing, the bank has signed a MOU with Maruthi Suzuki Ltd and Tata Motors.