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Andhra Pragathi Grameena Bank came into existence from 01.06.2006 by amalgamating Rayalaseema Grameena Bank, Sri Anantha Grameena Bank and Pinakini Grameena Bank consequent upon the Government of India Notification dt.01.06.2006. The Bank is constituted under Regional Rural Banks Act 1976. The Bank is having its Head Office at KADAPA with a jurisdiction of 5 districts namely Anantapur, Y. S. R (Kadapa), Rajampeta,Kurnool, Nellore and Prakasam. The Bank is having 8 Regional offices with its Head quarters at 5 district Head Quarters, Kadiri of Anantapur district and in Nandyal of Kurnool district. The Bank is providing banking services with its 552 branches as on 31.03.2019. The Bank is catering to the needs of Rural Poor mainly and to all other sectors also. The Bank has been playing a pivotal role in economic development of its operational area by outreaching the people in the countryside. The Bank earned Net profit of Rs.231.18 Crore as on 31.03.2019 and stood first among all RRBs sponsored by Syndicate Bank and all RRBs in the Andhra Pradesh State in respect of networth Rs.2209.77 Crore as on 31.03.2019.
The entire area of operation of the Bank, which is mostly in Rayalaseema region, is characterized by drought and backwardness. About 75% of the population in the area lives in countryside. The soils are mostly black and red, about 75% of the area is rain fed and farmers depend on rain fed crops and Irrigation sources viz., canals, tanks, bore wells etc., the major crops grown are paddy, cotton (hybrid), chilies, vegetables, horticulture crops like banana, papaya, sweet orange, mango etc., and under rain fed conditions the major crops grown are ground nut, jowar, Bengal gram, sun-flower, coriander, tobacco, etc. The area is rich in minerals viz., barites, limestone, granite, black and colour slabs, slates etc
The important rivers flowing through the Bank s area of operation are Krishna, Tungabhadra, Hundri, Pennar, Kundu, Papagni, Chitravathi, Sagileru, Pincha, Cheyyeru, Swarnamukhi, Paleru, Pillaperu and Gundlakamma .
The Bank has received following awards during 2018-19;
* IBA Award for Best Financial Inclusion Initiatives.
* ASSOCHAM Awards for
a. Best Technology
b. Agri Lending
c. Best Social Bank
d. Priority Sector Lending Otherthan Agri Lending
* SKOCH Awards for Financial Inclusion and Financial Inclusion Technologies
* APY Awards for
Leadership Capital Campaign and Outstanding Performance
The paid up capital of the Bank is Rs.300 lakh, contributed by the Govt. Of India, Sponsor Bank (Syndicate Bank) and the Government of Andhra Pradesh in the ratio of 50:35:15 respectively. As a part of restructuring process of RRBs, an additional share capital (in the form of share capital deposit) of Rs.3934.26 lakh was infused by the shareholders in the ratio mentioned above
What is IFSC Code
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
How to find IFSC Code?
Ways to find IFSC codes
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.
Benefits of IFSC Code
Benefits of IFSC Code are :
- Helps to identify a Bank and its respective branch
- Eliminates errors in the process of fund transfer
- Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate
What is MICR Code
MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.
Difference between IFSC and MICR code
ink character recognition code (MICR) is a technology that enables faster
processing of cheques by recognizing unique characters printed on the cheque.
MICR consists of a 9 digit code. The
first three digits of the MICR code represent the city, the next three give the
bank code and the last three digits denote the branch of the bank. Similar to
an IFSC code, every branch of a bank has a specific MICR code. While IFSC is
used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR