Andhra Bank is planning to expand its Credit Card customer base and business significantly. Andhra Bank followed the same strategy as HDFC Bank where credit cards were issued only to existing bank account holders.
Mr. R.S.Reddy MD of andhra Bank said,
Instead of worrying about defaults and exiting from the business, I want to compete with others by putting sound systems in place. We are revamping the recovery team.
The bank intends to focus on lending to Large Corporates and SMEs from the current model of PSU financing. We will hope Mr. Reddy will come up with really unique business model where its a win-win for bank as well as credit card customers.