Home Political News Andhra Bank is Fading Into History Today

Andhra Bank is Fading Into History Today

Andhra Bank Merging With Union Bank

Andhra Bank is now fading into history. This bank is merging into the Union Bank of India. It is going to merge in Union Bank of India today itself. The bank was founded on 20 November 1923 by freedom fighter Bhogaraju Pattabhi Sitaramayya in Machilipatnam District.

The greatness of this bank is that it introduced technology to the Indian banking sector. The bank was nationalized in 1980. However, this is the first bank in the country to issue credit cards. In 1981, credit cards were issued. Thereby introducing a credit card system to India.

Also read: Andhra Pradesh Coronavirus: 14 Cases in West Godavari in Single Day

By 2003, This bank has 100% computerized. Andhra Bank introduced biometric ATMs to India in 2007. The bank has created so many records and is now disappearing and fading into history. Meanwhile the number of public sector banks, which will be 27 in 2017, is now reduced to 12.

According to the sources, The merging reason is to provide better services to the customer and to increase the economy. Also, The operating costs of the bank will come down.

Not only this there are nine other public sector banks merging into four private banks. Allahabad Bank is merging with Punjab National Bank. Oriental Bank of Commerce-OBC, United Bank of India-UBI, Canara Bank, Syndicate Bank, Union Bank of India, Andhra Bank, Corporation Bank, and Indian Bank.

 

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