The Chairman and Managing Director of Andhra Bank, R Ramachandran, today said that they would like to double the business from Gujarat in the next two years. "We see great potential in Gujarat as the state wasrapidly developing in the field of ports, chemical industry,power and other sectors," Ramachandran who was here toinaugurate bank''s new branch in Gandhidham, Kutch, toldmediapersons. He said that they were working on a fastrack mode tosource business from Gujarat. "Our current business from Gujarat is over Rs 2000crore, we plan to double it in the next two years," he said. "Since the big industries are fast developing in the state, our focus would be to explore opportunities in varioussectors. As the big companies investing in Gujarat would already have their banking tie-up, we would be concentratingon small and medium suppliers, feeder units and ancillariesthat would come up due to big industries," Ramachandran said. Since most of the big companies outsource their manufacturing to small units, it would be good to target theseancillaries and small units that provide manufacturing support to large companies in Gujarat, he said. "Even if we get 2-3 per cent of the small units in Gujarat, we would be able to double our business in the state," Ramachandran said. When asked if Andhra Bank would like to lend to the self help groups (SHG) in the state, Ramachandran said that theypresently do not plan to do so. "We do not have a rural branch in the state through which we could lend to SHGs. But we are ready to collaborate closely with the government and other banks if we are calledfor. Also we can provide consultancy to replicate the SHGlending model which we have been able to successfully executein Andhra Pradesh," he said. The CMD also expected to work towards increasing thebank''s share of business in the Home Loan segment. The Andhra Bank also plans to open two more branches in Bhavnagar and Jamnagar in next couple of months in the state to take the total branches in Gujarat to 20.
India’s rupee strengthened, snapping a four-day decline, on speculation exporters will sell dollars, taking advantage of the currency’s drop to near the lowest level in almost eight weeks. The Reserve Bank of India will lift the repurchase auction rate today, at which it lends to banks, to 6.50 percent from 6.25 percent, according to 21 of 22 economists surveyed by Bloomberg. The remaining economist forecast a 50-basis point increase. The widening gap in interest rates with developed economies may help attract capital, said Vikas Babu, a currency trader at state-owned Andhra Bank in Mumbai. “Exporters will be more than comfortable to sell at these levels because the broad outlook for the economy is still positive,” Babu said. The rupee advanced 0.4 percent to 45.48 per dollar as of 11:05 a.m. in Mumbai, according to data compiled by Bloomberg. It closed at 45.685 yesterday, near the 45.90 reached on Jan. 21. That was the weakest level since Dec. 1, according to data compiled by Bloomberg.
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