Andhra Bank reign has ended and has merged with Union Bank of India. It has a history of ninety- seven years.
Andhra Bank had been established on November 28, 1923. Bhojaraju Pattabhi Sitaramaiah, a prominent freedom fighter in the district headquarters of Bandar, was the man behind it. It had become a public sector bank. It had been nationalized along with all the other alliances of Andhra Bank in 1980.
Hyderabad has been the base for Andhra bank. It has been working on a day-to-day basis with 2,885 branches, 3798 ATMs. There are 20,346 employees, has a business of Rs 3,98,511 crore. It has loans of Rs 1,80,258 crore and deposits of Rs 2,16,721 crore. There were lots of protests over the Center’s decision. Despite their protests since last year, Andhra Bank with its alliance has been merged with the Union Bank of India (UBI). However, the movement has failed at various levels of the state.
The ten banks have been merged into the public sector. This merging has come into effect from Wednesday. Six banks merged across the country. Consequently, Andhra Bank, the birthplace of national flag creator Pingali Venkaiah, disappeared. However, a banner has been placed by Union bank of India that Andhra Bank is closed due to lockdown. The Andhra bank board has been replaced by this banner. Union bank was supposed to replace Andhra Bank on Wednesday, the founding place in Bandar.
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