https://indianpedia.org/index.php?action=history&feed=atom&title=Andhra_BankAndhra Bank - Revision history2026-07-30T14:26:30ZRevision history for this page on the wikiMediaWiki 1.45.4https://indianpedia.org/index.php?title=Andhra_Bank&diff=455895&oldid=prevSeymourKearns91 at 10:59, 12 February 20262026-02-12T10:59:28Z<p></p>
<p><b>New page</b></p><div>{{Short description|Public bank in India}}<br />
{{Use dmy dates|date=January 2014}}<br />
{{More citations needed|date=April 2015}}<br />
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{{Use Indian English|date=June 2013}}<br />
{{Infobox company<br />
| name = Andhra Bank<br />
| logo = Andhra_Bank_logo.svg<br />
| type = [[Public company|Public]]<br />
| traded_as = {{NSE was|ANDHRABANK}}<br />{{BSE was|532418}}<br />
| industry = [[Banking]]<br />[[Financial services]]<br />
| fate = Merged with [[Union Bank of India]]<br />
| successor = [[Union Bank of India]]<br />
| founded = {{Start date and age|df=yes|1923|11|28}}<br />
| founder = [[Bhogaraju Pattabhi Sitaramayya]]<br />
| hq_location_city = [[Hyderabad]], [[Telangana]], India<br />
| defunct = {{End date and age|df=yes|2020|4|1}}<br />
| areas_served = {{ubl|India|Dubai|Malaysia|[[Jersey City]], United States}}<br />
| key_people = J. Packirisamy <br> {{small|([[Managing Director|MD]] & [[Chief Executive Officer|CEO]])}}<br />
| products = [[Retail banking|Consumer banking]], Credit cards, [[Commercial bank|corporate banking]], [[Financial services|finance and insurance]], [[private banking]], [[wealth management]], [[Farm operating loans|Agricultural Loans]]<br />
| revenue = {{increase}}{{INRConvert|20977.26|c}} {{small|(2018-19)}}<ref name="report1617">[https://www.bseindia.com/bseplus/AnnualReport/532418/5324180319.pdf "Balance Sheet 31.03.2019"].</ref><br />
| operating_income = {{decrease}}{{INRConvert|5023.12|c}} {{small|(2018-19))}}<ref name="report1617"/><br />
| net_income = {{increase}}{{INRConvert|-2786.13|c}} {{small|(2018-19)}}<ref name="report1617"/><br />
| assets = {{increase}} {{INRConvert|249311.41|c}} {{small|(2018-19)}}<ref name="report1617"/><br />
| equity = <br />
| owner = <!-- defunct --><br />
| num_employees = 20,346 {{small|(2018-19)}}<ref name="report1617"/><br />
| ratio = 13.68% {{small|(2018-19)}}<ref name="report1617"/><br />
}}<br />
<br />
'''Andhra Bank''' (Now [[Union Bank of India]]) was a medium-sized public sector bank (PSB) of [[India]], with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 [[automated teller machines]] (ATMs) as of 31 March 2019.<ref name="10K">{{cite web|url= http://www.andhrabank.in/PressReleases/Press%20Release%20March%202016.pdf|title= FY 2015-16 Press Release|publisher= Andhra Bank|access-date= 12 May 2016|archive-url= https://web.archive.org/web/20160806002903/http://www.andhrabank.in/PressReleases/Press%20Release%20March%202016.pdf|archive-date= 6 August 2016|url-status= dead}}</ref> During 2011–12, the bank entered the states of [[Tripura]] and [[Himachal Pradesh]]. It operated in 25 states and three union territories. It had its headquarters in [[Hyderabad]], [[Telangana]], India. Along with [[Corporation Bank]], Andhra Bank was merged with [[Union Bank of India]] in April 2020.<br />
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The [[government of India]] owned 90.85% of its share capital as of 31 March 2019. The state-owned [[Life Insurance Corporation]] held 7.80% of the shares. The bank had done a total business of {{INRConvert|3106|b}} and has earned a net profit of {{INRConvert|5.40|b}} for the financial year 2015–16.{{Citation needed|date=October 2021}}<br />
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== History ==<br />
[[File:Dr Bhogaraju Pattabhi Sitaramayya.jpg|thumb|[[Bhogaraju Pattabhi Sitaramayya]], founder of Andhra Bank<br />
]]<br />
[[ Pattabhi Sitaramayya]] founded Andhra Bank in 1923 in [[Machilipatnam]], [[Madras Presidency]] (present-day [[Andhra Pradesh]]).<ref name=":0">{{Cite book|url=https://books.google.com/books?id=WJp_DAAAQBAJ&pg=PA99|title=India's New Capitalists: Caste, Business, and Industry in a Modern Nation|last=Damodaran|first=H.|date=2008-06-25|publisher=Springer|isbn=9780230594128|pages=99|language=en}}</ref> [[Yarlagadda Sivarama Prasad|Raja Yarlagadda Sivarama Prasad]] was the individual who committed the financial resources for starting the institution.<ref name=":0" /> The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid-up capital of {{INRConvert|100000}} and an authorized capital of {{INRConvert|1|m}}. In 1956, linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The registered office of the bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of nationalization of commercial banks commenced in April 1980, the bank became wholly Government-owned. In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.<ref group="Note">Bhogaraju Pattabhi Sitaramayya had founded Bharat Lakshmi Bank in 1920 at [[Vijayawada|Bezawada]]. At the time of the take-over Bharat Lakshmi Bank had 16 branches, including one each in Delhi and New Delhi.{{Citation needed|date=October 2021}}</ref><br />
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India First Life Insurance Company is a life insurance company in India. It is a joint venture between two of India's public sector banks&nbsp;– [[Bank of Baroda]] (44%) and Andhra Bank (30%), and the UK's financial and investment company Legal & General (26%). It was incorporated in November 2009. It has its headquarters in Mumbai. India First Life made more than {{INRConvert|2|b}} in turnover in just four and half months since the insurance company became operational. India First Life Insurance Company is headquartered in Mumbai. India First is the first life insurance company to be recommended for ISO certification within 7 months of inception.{{Citation needed|date=October 2021}}<br />
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On 30 August 2019, [[Minister of Finance (India)|Finance Minister]] [[Nirmala Sitharaman]] announced that Andhra Bank and [[Corporation Bank]] would be merged into [[Union Bank of India]]. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of {{INRConvert|14.59|lc}} and 9,609 branches.<ref>{{cite news | title=Government unveils mega bank merger to revive growth from 5-year low |website=[[The Times of India]] |date=30 August 2019 |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |access-date=30 August 2019}}</ref><ref>{{cite web |author=Staff Writer |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |website=Mint |access-date=30 August 2019 |language=en |date=30 August 2019}}</ref> The Board of Directors of Andhra Bank approved the merger on 13 September.<ref>{{cite web |title=Andhra Bank board okays merger with UBI |url=https://www.thehindu.com/business/andhra-bank-board-okays-merger-with-ubi/article29411194.ece |website=The Hindu |access-date=13 September 2019 |language=en-IN |date=13 September 2019}}</ref><ref>{{cite web |title=Andhra Bank board okays merger with Union Bank of India |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-board-okays-merger-with-union-bank-of-india/articleshow/71117490.cms |website=The Economic Times |access-date=13 September 2019 |date=13 September 2019}}</ref> The [[Union Council of Ministers|Union Cabinet]] approved the merger on 4 March, and it was completed on 1 April 2020.<ref>{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020}}</ref><br />
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== Products and services ==<br />
[[File:AndhraBankKoti.jpg|thumb|Andhra Bank at Koti, Hyderabad]]<br />
[[File:Andhra Bank Complex at Visakhapatnam.jpg|thumb|Andhra Bank Complex at [[Dwaraka Nagar]], Visakhapatnam]]<br />
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Andhra Bank introduced an Internet Banking Facility (AB INFI-net) to all customers of cluster-linked branches. Rail Ticket Booking Facility is made available to all debit card holders as well as to internet banking customers through [[Indian Railway Catering and Tourism Corporation|IRCTC]] Website through a separate gateway. The Corporate Website is available in English, Hindi and Telugu Languages communicating Bank's image and information. Bank has been given 'BEST BANK AWARD' a banking technology award by IDRBT, [[Hyderabad]] for extensive use of IT in Semi Urban and Rural Areas on 2 September 2006.<ref>{{cite web|url=http://www.idrbt.ac.in/BT_2006.html|title=IDRBT - Banking Technology Excellence Awards|access-date=14 July 2015|archive-url=https://web.archive.org/web/20150924032820/http://www.idrbt.ac.in/BT_2006.html|archive-date=24 September 2015|url-status=dead|df=dmy-all}}</ref> IBA Jointly with TFCI has conferred the Joint Runner-up Award to the Bank in the ''Best Payments initiative'' category<ref>{{cite web|url=http://www.iba.org.in/Marbulletin/IBA%20pg1to12.pdf |title=Archived copy |access-date=2015-07-14 |url-status=dead |archive-url=https://web.archive.org/web/20070410124543/http://www.iba.org.in/Marbulletin/IBA%20pg1to12.pdf |archive-date=10 April 2007 |df=dmy }}</ref> in recognition of outstanding achievement of the Bank in promoting ATM Channel.{{Citation needed|date=January 2009}}<br />
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== International expansion ==<br />
{{Unreferenced section|date=October 2021}}<br />
Andhra Bank opened a representative office in Dubai in May 2006 and another in Jersey City, New Jersey, in June 2009.<br />
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In 2010 Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by [[Bank of Baroda]], [[Indian Overseas Bank]] and Andhra Bank. The new bank, India International Bank (Malaysia), is based in Kuala Lumpur. Andhra Bank will hold a 25% stake in the joint venture. Bank of Baroda will own 40% and IOB the remaining 35%.<br />
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Andhra Bank entered an MoU with the Bank of Baroda and Legal & General Group of the UK to form a joint venture life insurance company IndiaFirst Life Insurance Company. The shareholders' agreement has already been signed and necessary formalities are being completed for setting up of the company. The JV Company was already incorporated in June'08 and is in the process of filing for approvals from IRDA etc. IndiaFirst has commenced operations.<br />
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== Community involvement ==<br />
{{Unreferenced section|date=February 2017}}<br />
Andhra Bank, along with A P State Government, NABARD, Canara Bank, Indian Bank, IOB and SBH sponsored the Andhra Pradesh Banker's Institute of Entrepreneurship Development, which will offer training to unemployed youth to improve their skills in Andhra Pradesh.<br />
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Andhra Bank adopted Gundugolanu village, West Godavari District, Andhra Pradesh&nbsp;– the birthplace of its founder, Dr. [[Bhogaraju Pattabhi Sitaramayya]]. A comprehensive budget with an outlay of {{INRConvert|55.5|m}} was finalized for improving health, sanitation, education and social service facilities in the village.<br />
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== Merger with Union Bank of India ==<br />
On August 30, 2019, the Government of India announced the amalgamation of Andhra Bank and Corporation Bank into Union Bank of India, as part of a large-scale consolidation of public sector banks. The merger, which aimed to create the fifth largest public sector lender in the country with assets of approximately ₹14.59 lakh crore, received formal approval from the Union Cabinet on March 4, 2020. The transition became effective on April 1, 2020, with Andhra Bank's shareholders receiving a share swap ratio of 325 equity shares of Union Bank of India for every 1,000 shares held in Andhra Bank. By early 2021, the Union Bank of India had successfully completed the full IT integration and data migration of all former Andhra Bank branches into its core banking systems.<ref>{{Cite web |last=Standard |first=Business |date=2020-03-05 |title=Board of Andhra Bank approves the share exchange ratio for merger into Union Bank of India |url=https://www.business-standard.com/article/news-cm/board-of-andhra-bank-approves-the-share-exchange-ratio-for-merger-into-union-bank-of-india-120030501407_1.html |access-date=2026-02-12 |website=www.business-standard.com |language=en-US}}</ref><br />
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== See also ==<br />
{{Portal|Companies|Banks|India}}<br />
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*[[List of banks in India]]<br />
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==Notes==<br />
{{reflist|group=Note}}<br />
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== References ==<br />
{{reflist}}<br />
== External links ==<br />
{{Commons category}}<br />
*[https://web.archive.org/web/20111216011041/http://www.sebi.gov.in/dp/andhrarhp.pdf Draft Red Herring Prospectus of Andhra Bank filed with SEBI]<br />
* [https://web.archive.org/web/20150518090524/http://andhrabank.in/PressReleases/Press_Release_March2015.pdf Andhra Bank Press release-March '15]<br />
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{{Banking in India}}<br />
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[[Category:Defunct banks of India]]<br />
[[Category:Banks established in 1923]]<br />
[[Category:Banks disestablished in 2020]]<br />
[[Category:Companies nationalised by the Government of India]]<br />
[[Category:Companies based in Hyderabad, India]]<br />
[[Category:Indian companies disestablished in 2020]]<br />
[[Category:Indian companies established in 1923]]<br />
[[Category:Companies formerly listed on the National Stock Exchange of India]]<br />
[[Category:Companies formerly listed on the Bombay Stock Exchange]]</div>SeymourKearns91