Andhra Bank to waive 25% of loan burden in Mega Recovery Camp

​Ongole: The Andhra Bank officials announced that the bank is offering about 20 to 25 percent of waiver in the loan burden to the defaulters in the mega recovery camp scheduled to continue up to the end of June. Speaking at the zonal office of Andhra Bank, the Vijayawada Circle General Manager Ajay Gupta said, “The Andhra Bank is consistently performing better and made good profits during the last Q4 and financial year also.

We have received the award for achieving more than the expectations for Mudra loans and implementing the Central government schemes like Atal Pension Yojana, Prime Minister Jan Dhan Yojana and others. Now we are targeting to reduce the nonprofitable assets to below 3 percent by setting liberal terms to the defaulters in the mega recovery camp.”

KSPV Ramana Murthy, Deputy Zonal Manager for Ongole zone consisting of Prakasam and Nellore districts said, “In the last economic year, the Ongole zone made a profit of Rs 159 crore. In order to increase the service reach to the public, the bank is modernising the branches and is installing cash deposit machines out of the bank premises to work round-the-clock, including one at the Bapuji market in Ongole.

We are going to offer MSME and retail loans in a fast paced manner and going to set up special branches to handle the applications within 48hours. To make better use of the services by the bank, we request the customers to update their Aadhaar card numbers along with their mobile numbers.

We have given permission to the managers to offer the one-time settlement to the defaulters below Rs 1lakh based on the individual capacity. The beneficiaries of the debt waiver by the government are also coming forward to settle the loans, as they understood that their accounts would receive the installments by the government as deposits.

We request the defaulters up to December 31, 2014, to come forward and utilise the opportunity to clear the debts in one-time settlement before June 30.”