Chennai: Andhra Bank has earmarked an outlay of Rs 100 crore on IT enabled banking services to be introduced in its branch network in the next two years, the bank's chairman B Vasanthan said.

"These initiatives include introduction of cluster banking in association with the Chennai based Lasersoft Infosystems Ltd, mobile banking, electronic fund transfer and anywhere banking," he told reporters.

Of the Rs 100 crore outlay, Rs 30 crore had already been spent, he said adding that mobile banking would take off within a month and anywhere banking by January next.

He said already 100 ATMs of the bank had been interconnected and another 100 would be added by March next. The bank was also in talks with other banks who have a larger network of ATMs to provide ATM services for Andhra Bank.

Stating that the bank was growing at the rate of 40 per cent, he said that the turnover of the bank was expected to touch Rs 25 crore during the current fiscal as against Rs 15.9 crore during 2001-02.

Earlier Vasanthan launched "Laser Twig", an innovative cost effective banking automation software of Laser Soft Infosystems ltd.

PTI