Andhra Bank has received deposits worth Rs 8,000 crore in current and savings accounts (CASA) after the Centre demonitised the existing Rs 500 and Rs 1000 currency notes on November 8, 2016. Compared with the 6.7% year-on-year growth in the low-cost deposits in the second quarter, the bank was able to get Rs 8,000 crore in just eight days time, almost Rs 1,000 core per day.
Andhra Bank, which has reported a total business Rs 3.19 lakh crore in the second quarter, has almost half of its 3,000 branches located in the states of Andhra Pradesh and Telangana. It has recently figured in the RBI list of top 10 banks that have received highest deposits post demonetisation.