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No merger for time being, says Andhra Bank CMD

There is no question of merger of Andhra Bank with any other bank for the time being, said the bank’s CMD C.V.R. Rajendran. There were media reports that the government is considering merger of some smaller public sector banks with large one, and one of them is Andhra Bank. It was also reported that the issue will be settled at the ‘Gyan Sangam’ conclave of bank chiefs in Pune. Rajendran said the issue of merger was discussed but it was decided that this is not the right time to go for it. There will be no merger at least for the next one to two years and banks have been asked to focus on cleaning up the balance sheet and reducing NPAs. Andhra Bank has high NPAs for the last few years and even during the second quarter that ended on 30 September its gross NPAs stood at Rs 6,884 crore as against Rs 5,187 crore the previous year.

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