Dear Viewers,

It gives me great pleasure to place before you, the highlights of Bank’s performance during the financial year 2023-24 and thank the stake holders for their valuable guidance & esteemed customers for providing the opportunity to serve them & our employees whose work with dedication has helped to achieve the phenomenal results.

* Achieved business of Rs. 46344.94 Crores

* Bank has earned net profit of Rs.802.40 Crores & Operating Profit of Rs.1255.86 Crores

* CRAR of the Bank stood at 25.65%

* Bank is having Net Worth of Rs.4591.66 Crores

* Gross NPA is 1.24%, Net NPA is Nil & Provision Coverage Ratio is 100 %

Network:

• Bank has a wide network of 551 branches spread over 10 districts namely                            1. Anantapuramu, 2. Sri Satya Sai, 3. YSR Kadapa, 4. Annamaiah, 5. Kurnool, 6. Nandyal, 7. SPSR Nellore, 8. Tirupati, 9. Prakasam, 10. Bapatla and as on date                   9 Regional Offices were set up for administrative convenience.

Business:

• Bank has opened 1295 BC outlets & 98 ATMs, out of which 8 are Mobile ATMs, thereby increasing its reach and accessibility to the populace

• The Total Business of the Bank touched Rs.46345 Crores as on 31.03.2024, with a quantum increase of Rs.4690 Crore over the previous year.

• Bank achieved a Deposit Level of Rs.21665 Crore & Advances level of Rs.24680 Crore as on 31.03.2024.

• Bank’s Business outreach further widened with total deposit accounts of about 70.42  lakh and loan accounts of about 16.33 lakh.

• Low Cost Deposits constitute 36.07% of total Deposits during FY 2023-24.

• The Bank is offering highest Interest rate to the extent of 8.30% pa on Deposits for Women Super Senior Citizens for a period of 444 days (7.50% pa to others) which is one of the highest among all the Public Sector Banks.

• Priority Sector Advances and Agriculture Advances touched a level of Rs.22802 Crore and Rs.18755 Crore respectively constituting 92.39% & 75.99% of total advances, as against the RBI benchmark of 75% & 18% respectively.

• Bank has extended Financial Assistance to weaker sections to a tune of Rs.16289 Crore constituting 74.50% as against benchmark of 15.00% & SF/MF outstanding stood at 71.60% as against benchmark of 10.00% for FY 2023-24.

• Keeping the empowerment of rural women in the top most agenda, the Bank has linked 1,25,373 Self Help Groups with outstanding loan amount of Rs. 6,099.18 Crore as on 31.03.2024.

• Bank has issued 7,07,688 Kisan Credit Cards involving an amount of Rs.8707.79 Crore.

• The Credit disbursements of the Bank for FY 2023-24 are Rs. 21,218.86 Crore, of which disbursements to Priority Sector Advances are Rs. 19,446.25 Crore, Agriculture Advances Rs. 16,117.93 Crore, and MSME Rs. 1188.73 Crore.

Technology Initiatives:

• All the 551 branches of the Bank are on Core Banking Solutions (CBS), paving way for online transactions, anywhere in the operational area of the Bank to our customers.

• The Bank has implemented all latest technological initiatives i.e. APGB Digi Khata, BHIM QR code, WhatsApp Banking, E-Fixed Deposits, UPI & Mobile Banking registration through Aadhaar, Dual Interface Cards, UPI Auto Pay, RTGS/ NEFT facility, Internet Banking, BHIM UPI, Micro ATMs, Mobile Banking, Missed Call Banking, ICCW, UPI Lite, Debit Card request through Mobile Banking/Internet Banking, Green PIN generation through Mobile Banking/Internet Banking, Loan Repayment through BBPS, NACH e-mandate registration through debit card etc., for the benefit of our customers.

• The Bank has issued Rupay Cards to 19.19 Lakh customers.

• The Bank has provided Mobile Banking facility to 6.50 lakhs customers, as against 4.04 lakhs previous year.

• The Bank has provided Internet Banking facility to 170663 customers, as against 97062 previous year.

• The Bank opened 44561 Digi Khata accounts during the FY 2023-24.

• The Bank opened 10611 e-Fixed Deposit during the FY 2023-24.

• Whatsapp Banking registrations of the Bank stood at 44561 as on 31.03.2024.

• Bank has introduced Interoperable Cardless Cash Withdrawal (ICCW) during  FY:2023-24
• Bank has introduced UPI Lite during the FY 2023-24 and the registrations stood at 9094 as on 31.03.2024
• Bank has introduced Debit Card request through Mobile Banking & Internet Banking during FY 2023-24.
• Bank has introduced Green PIN generation through Mobile Banking & Internet Banking during FY 2023-24.
• Bank has introduced Loan Repayment through BBPS during FY 2023-24.
• Bank has introduced e-Mandate registration through debit card during FY 2023-24.
• The Bank opened 3,77,801 SB accounts during the year 2023-24 and covered the uncovered persons in the operational area of the Bank.

• Bank has opened 11,96,523 accounts under PMJDY scheme and has mobilized deposits to the tune of Rs.489.36 Crore.

Financial inclusion:

• Bank is proud to proclaim that it is effectively executing Financial Inclusion in compliance with the directives of the Government, covered 2775 villages allotted to the Bank.  Furthermore, it has conducted 2784 Financial Literacy Awareness Programs in all villages under the aegis of NABARD for enlightenment of the rural clientele on Banking, during FY 2023-24.

• All BCs are equipped with AEPS & RuPay Card Transactions, SB and PMJDY account opening, RD account opening through Micro ATM. The Residents are utilizing these services, and our Bank BCs are rendering door-to-door services without necessitating a visit to the bank branch.

• Bank is proactively implementing the Social Security Schemes initiated by the Government of India and it has successfully enrolled 8,33,570 customers under PMJJBY, 20,65,487 customers under PMSBY and 3,36,661 customers under APY. In recognition of the bank’s exceptional performance in the APY, it has received many Awards from the Pension Fund Regulatory and Development Authority (PFRDA) during FY 2023-24.

• Bank has also established Aadhaar Enrollment Centres in 55 Branches as per the Government of India / UIDAI’s directives to provide Enrollment/Update facilities to the residents. Bank’s commitment to its social responsibility is evident through these initiatives, and it is committed to further enhancing its outreach to the marginalized sections of the society.

The way forward and thrust areas of the Bank for the current FY 2024-25:

• Bank is aiming at a business level of Rs.52,000 Crore by 31.03.2025.
• Bank is aiming for 38% of CASA deposits out of total deposits during the year.
• Special emphasis on mobilization of deposits in the form of normal SB accounts, Basic Savings Bank Deposit Accounts, Recurring Deposit accounts, Retail Term Deposits etc.
• Bank is aiming to further improve Digital Transformation by introducing Digital Lending, Social Banking, Cash Withdrawal through UPI, etc.
• Emphasis will be on improving the Agricultural Term Loans, MSME & Housing Loan Portfolios.
• Recovery of loans will be the major priority for the Bank during the current financial year as the prompt repayment would enable the farmers to get the benefit of incentive in interest.
• Enrolment of maximum number beneficiaries under Social Security Schemes “Pradhan Mantri Jeevan Jyothi Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) to pass the benefit to the unorganized economic group.

  (SATYAPRAKASH SINGH)

       CHAIRMAN