Andhra Bank, a public sector lender, is planning to launch three cash recycling automated teller machine (ATMs) in Vijayawada, Andhra Pradesh. Each machine costs Rs 20 lakh and expected to be in place by end of March 2015.
The new recycler machines will bring down the frequency of cash replenishment in ATMs and unloading in BNAs as these machines allow cash recycling operation where by the deposited cash can be dispensed in future transactions. The customers can deposit Rs. 10,000 to Rs. 50,000 through the BNA’s.
Andhra Bank has reported over four fold rise in its net profit at Rs 201.71 crore for the quarter ended December 31, 2014 as compared to Rs 45.57 crore for the same quarter in the previous year. Total income of the bank has increased by 16.41% at Rs 4540.61 crore for quarter under review as compared to Rs 3900.54 crore for the quarter ended December 31, 2013.
