The Central Bank of India is in the expansion mode in the north coastal districts of Andhra Pradesh as 23 more branches will be added during the current financial year, according to N.K Balakrishnan, the Field General Manager in charge of Karnataka and Andhra Pradesh, Central Bank of India. The Visakhapatnam zone covers the five districts - Srikakulam, Vizianagaram, Visakhapatnam, East Godavari and West Godavari.
Balakrishnan was speaking to reporters here on Wednesday after opening a retail asset branch of Central Bank in the city. He said it was bank’s 75th retail asset branch in the country.
“Our focus is on retail lending and our interest rates are competitive and much cheaper than those offered by private banks," he said. The bank was offering customers 30-year tenure for housing loans and there would be on-the-spot sanctions if the customers brought with them all the required documents.
He added the bank was offering loans to small and medium enterprises at 10.5 per cent and for women no security would be needed up to Rs 1 crore if they wanted to set up SMEs. The bank itself would pay the guarantee fee under the scheme specifically meant for women and has been named “Cent Kalyani”. Balakrishnan urged women entrepreneurs to make use of it.
He mentioned the bank was making all efforts to compete with the new generation private banks and “in fact the customers will get better service in our branches without the extra cost and hidden charges he/she would have to bear in the private banks.”
He said the bank would appoint business facilitators to promote retail lending. M. Achi Reddy, the chief manager, also spoke in the event.