Andhra Bank might have chance to lose its existence in banking sector because of Non-Performing Assets (NPA). Prime Minister Narendra Modi will take final decision on January 03rd after the meeting with bankers on Andhra Bank. The bank founded by freedom fighter Bhogaraju Pattabhi Sitaramayya in 1923.
Now the bank has 2241 branches across the country and having around 20K people working in Andhra Bank. Senior Executives of Andhra Bank has received clear indications for a possible merger. Andhra Bank stands sixth from the bottom list of Public Sector Banks with having high NPAs.
The bank had NPAs at 5.99% at the end of September, 2014. Andhra Bank employees are fighting for existence of the bank and ready to fight legally against the merger. NPAs are not an issue for the merger. Bank employees are confident to recollect all NPAs within 3 months. AB employees raise the sentiment before the merger.
Every state has its own bank that reflects the tradition and culture in the country like Indian bank and Indian Overseas Bank in Tamilnadu, Syndicate Bank and Corporation Bank in Karnataka, Bank of Maharashtra in Maharashtra and Dena Bank in Gujarat. They seek interfere of Chief Minister CBN and Union Minister Venkaiah Naidu to protect local Andhra Brand in banking history.
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