Prathapa Reddy, Deputy General Manager of State Bank of India (SBI), has been appointed as Chairman of Andhra Pradesh Grameena Vikas Bank (APGVB), according to an official statement.
Reddy previously headed the Real Estate Housing Business Unit at SBI Bhopal Circle. He has held a number of positions at SBI, including Regional Manager and head of the Agriculture Development Branch and Retail Assets Centralised Processing Centre in Hyderabad.
APGVB, supported by SBI, is a beneficial Local Rustic Bank serving clients across 28 regions in Telangana and Andhra Pradesh. The bank reported a ₹1,046 crore net profit for the fiscal year that ended in March 2023, which is an increase of 28.6 per cent from the year before. The APGVB’s goals are to encourage economic growth and financial inclusion in the region.