Andhra Bank puts off issue

ENS ECONOMIC BUREAU

HYDERABAD Nov 27: The Andhra Bank has decided to put on hold the earlier plan of going public for the time being, according to TJA Ganiga the chairman and managing director of the bank. ``Though we have plans earlier, we have now decided not to go public in the near future,'' he said at a press conference here today. The bank is comfortable with the present capital adequacy ratio, hence there is no need for an issue, he added.

The bank is opening its 1000th branch at Nizams' Institute of Medical Sciences (NIMS) on Saturday to coincide with the valedictory function of the platinum jubilee celebrations of the bank.

The bank has been extending educational loans to employed persons who are intended to take up MBA programme of Institute for Management set up by Administrative Staff College of India, Hyderabad. The bank arranges 75 per cent of the course expenses or Rs 4.25 lakh for full programme and Rs3 lakh for accelerated programme. The candidate expected to repay the loan in 60 monthly instalmentscommencing after one month from the date of advance, Ganiga said.

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