VIJAYAWADA: Even though cash crunch situation is prevailing in Andhra Pradesh, the Indian Overseas Bank (IOB) has made necessary arrangements to deposit cash in all of its ATMs, R Subramaniakumar, Managing Director and Chief Executive Officer of the bank, has said.Addressing a press conference here on Thursday, Subramaniakumar informed that bank had been maintaining two cash chests in Vijayawada and Guntur, which have the capacity to cater to the needs of the public in the capital region Amaravati. In case of emergency, cash will be procured from the chest at the central office in Chennai, he said.
He stated that the impact of cash crunch is severe as the existing ATMs are unable to process the Rs 200 denomination notes. Instructions have already been given to calibrate the ATMs to accept the Rs 200 denomination currency and the process will be completed in the next two months, he said. “As part of the customer first initiative, we are planning to install 700 cash deposit machines (CDM) in Tamil Nadu, Andhra Pradesh and Karnataka, where the bank’s presence is high,” he said and added that one mobile CDM would be arranged near the IOB regional office in Vijayawada.
Giving a detailed structure of the bank’s initiatives, the IOB MD said corporate loans percentage has been reduced to 49 from 52 of the total Non-Performing Assets (NPAs). The bank accorded top priority in providing necessary support to MSMEs, vehicle and housing loans. The MSME loans have shown an improvement of 26 per cent, housing loans 33 per cent and vehicle loans 29 per cent for the quarter ended on December 31, he said.