page_title: Andhra Bank
section_title: History
hierarchical_section_title: Andhra Bank / History
caption_attribution_description: English: Dr Bhogaraju Pattabhi Sitaramayya a eminent freedom fighter and a multifaceted genius and founder of Andhra Bank.
context_page_description: Andhra Bank was a medium-sized public sector bank of India, with a network of 2885 branches, 4 extension counters, 38 satellite offices and 3798 automated teller machines as of 31 March 2019. During 2011–12, the bank entered the states of Tripura and Himachal Pradesh. The bank operated in 25 states and three Union Territories. Andhra Bank had its headquarters in Hyderabad, Telangana, India. As per the announcements made by Minister of Finance in August 2019, Andhra Bank merged with Union Bank of India in April 2020.
  The Government of India owned 90.85% of its share capital as on 31 March 2019. The state owned Life Insurance Corporation of India holds 7.80% of the shares. The bank had done a total business of ₹3,106 billion and has earned a net profit of ₹5.40 billion for the Financial Year 2015–16.Cabinet approved merger of Andhra Bank & Corporation Bank into Union Bank on 04.03.2020.Board of directors of bank earlier approved merger into union bank on 13.09.2019.
context_section_description: Bhogaraju Pattabhi Sitaramayya founded Andhra Bank in 1923 in Machilipatnam, Andhra Pradesh. Raja Yarlagadda Sivarama Prasad was the individual who committed the financial resources for starting the institution. The bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of ₹100,000 (US$1,400) and an authorised capital of ₹1 million (US$14,000) In 1956, linguistic division of States was promulgated and Hyderabad was made the capital of Andhra Pradesh. The registered office of the bank was subsequently shifted to Andhra Bank Buildings, Sultan Bazar, Hyderabad. In the second phase of nationalisation of commercial banks commenced in April 1980, the bank became a wholly Government-owned. In 1964 the bank merged with Bharat Lakshmi Bank and further consolidated its position in Andhra Pradesh.
  India First Life Insurance Company is a life insurance company in India. It is a joint venture between two of India's public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK's financial and investment company Legal & General (26%). It was incorporated in November 2009. It has its headquarters in Mumbai. India First Life made more than ₹2 billion (US$28 million) in turnover in just four and half months since the insurance company became operational. India First Life insurance company is headquartered in Mumbai. India First is the first life insurance company to be recommended for ISO certification within 7 months of inception.
  On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Andhra Bank and Corporation Bank would be merged into Union Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of ₹14.59 lakh crore (US$200 billion) and 9,609 branches. The Board of Directors of Andhra Bank approved the merger on 13 September. The Union Cabinet approved the merger on 4 March, and it was completed on 1 April 2020.
caption: Bhogaraju Pattabhi Sitaramayya, founder of Andhra Bank
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