Andhra Bank: • Dr. Bhogaraju Pattabhi Sitaramayya founded - TopicsExpress



          

Andhra Bank: • Dr. Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh. The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of Rs 100,000 and an authorized capital of Rs 1,000,000. • 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, Andhra Pradesh. • In 1964, the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh. • Andhra Bank adopted Gundugolanu village, West Godavari District, Andhra Pradesh – the birthplace of its founder, Dr. Bhogaraju Pattabhi Sitaramayya. A comprehensive budget with an outlay of Rs.55.0 million is finalised for improving health, sanitation, education and social service facilities in the village. • Andhra Bank entered MoU with Bank of Baroda and Legal & General Group of UK to form a joint venture life insurance company IndiaFirst Life Insurance Company in November 2009. • IndiaFirst Life insurance company is headquartered in Mumbai. IndiaFirst is the first life insurance company to be recommended for ISO certification within 7 months of inception.
Posted on: Thu, 28 Nov 2013 02:33:44 +0000

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