Hyderabad, April 11, 2006
Andhra Bank, a leading bank from Andhra Pradesh said that all its credit cards given to farmers for crop loans will be ATM-compatible under the new name "Andhra Bank Kisan Vikas Cards". Chief Minister of Andhra Pradesh Dr. YS Rajasekhara Reddy launched the new card at a function held at in Lalitha Kala Thoranam. This new card allows over four lakh-odd farmers sanctioned crop loans to draw money at any of its 390 ATMs and thousands of ATMs of other banks with which Andhra Bank has a special arrangement. Dr. Reddy handed over the first card to M Alivelu, a farmer of Nacharam area of Hyderabad, who then withdrew money from a mobile ATM parked beside the dais.
The Chief Minister went round the stalls put up by self-help groups (SHG) aided by the bank and distributed awards to best farmers and SHGs for prompt repayment. The cards issued free of cost are valid for three years and are renewable. Andhra Bank has set itself a target to cover 75 lakh farmers this year through the cards. The Chief Minister asked for more bank branches and ATMs in the rural areas. He recalled efforts of Indira Gandhi in nationalizing banks and opening their doors to the poor. He asked other banks to emulate the Andhra Bank model, and wanted farmers to repay loans promptly.
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