Union Bank of India
06:34
Showing posts with label Corporation bank. Show all posts
Showing posts with label Corporation bank. Show all posts
Tuesday, 19 January 2021
Wednesday, 5 July 2017
economic growth
08:25
Corporation Bank is focussing on innovation
Corporation Bank is focussing on innovation
Corporation Bank is laying emphasis on innovations and excellence in its pursuit to emerge as a model for inclusive growth and innovative banking services, bank Managing Director and CEO Jai Kumar Garg has said. He was addressing the 20th annual general meeting of the bank here. He said that Indian Economy is on transformation path going from cash-driven economy to a cashless economy.
All these, along with opening bank accounts for every household under Jan Dhan Yojana, distributing subsidies and other benefits through these accounts should give a push to inclusive growth and bring in innovative banking solutions, Mr. Garg said.
The bank has also taken steps to innovate and invest in technology to improve security and ease of transaction. The bank has rolled out its latest, most modern version of Core Banking Solutions with Finacle Software and the migration is going on at a brisk pace.
Executive Director of the bank Gopal Murli Bhagat and other senior officials were present.
Source:The Hindu
Friday, 10 February 2017
Union Bank of India
08:04
NPCI expects all public sector banks to join BHIM by February-end
NPCI expects all public sector banks to join BHIM by February-end
New Delhi: With the aim to scale up the usage of Bharat Interface for Money or BHIM, the National Payments Corp. of India (NPCI) is working to ensure that all the public sector banks (PSBs) are integrated to the app by the end of this month.
“The PSBs which will go live very soon on the platform are Corporation Bank, Punjab and Sindh Bank and five associates of State Bank of India. We are working with these seven banks to ensure that all of them are a part of the platform by the end of this month,” said A. P. Hota, managing director & chief executive officer, NPCI, in a statement.
Currently, 37 banks are already integrated to BHIM including PSBs like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India. With the seven banks joining the platform very soon, all the PSBs will be a part of BHIM’s interface.
“Since the customer base of PSBs is very large, their participation in BHIM is of crucial importance for the success of this app. We are confident that once all PSBs are a part of BHIM, the user base will jump multiple times,” said Hota.
The app was launched on December 30 by Prime Minister Narendra Modi to promote digital transactions using the Unified Payments Interface (UPI), a bank-to-bank fund transfer system backed by internet and smartphones, using phone numbers linked to banks.
According to NPCI, till 31 January, 13.8 million customers downloaded the app out of which 3.6 million customers have linked the app to their bank account.
“The gap in the number of app downloads and the number of customers linking the app to their bank account has been because it is observed that most of these customers have downloaded BHIM without checking if their bank is active on the platform,” the statement added.
Last month, a new version 1.2 was launched with additional features like ‘Pay to Aadhaar Number’, and spam report’. The new version also has seven new languages apart from English and Hindi.
Source:BusinessFortnight
Source:BusinessFortnight
Wednesday, 9 November 2016
Indian Army
08:53
MOU on Defence Salary Package Signed between Indian Army and Corporation Bank
MOU on Defence Salary Package Signed between Indian Army and Corporation Bank
Memorandum of Understanding (MoU) was signed between the Indian Army and Corporation Bank on the Defence Salary Package today. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by top officials of Corporation Bank headed by Mr Gopal Murli Bhagat, Executive Director.
The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families and includes free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards, Unlimited transactions on all ATMs including that of other Banks. Some important features of the MoU include Personal Accident Insurance Cover of Rs 5 & 10 lacs, Air Insurance Cover of Rs 5 to 50 lacs and Term Life Insurance Cover of Rs 5 & 10 lacs. All the facilities are also extended to the pensioners except Term Life Insurance Cover.
Source:PIBNEWS
Monday, 4 April 2016
Reserve Bank of India
23:16
Rs 800 crore loan from Corporation Bank without verification;court asks Finance Ministry, RBI to look into it
Rs 800 crore loan from Corporation Bank without verification;court asks Finance Ministry, RBI to look into it
Source:Economic Times
Friday, 1 April 2016
interest rates
22:34
Payment of Interest -Corporation Bank
Payment of Interest -Corporation Bank
Wednesday, 30 March 2016
Corporation bank
07:53
PMJJBY :Recent claim processed by Corporation Bank
PMJJBY :Recent claim processed by Corporation Bank
It’s a good policy to keep kin in the loop about insurance taken
A recent claim processed by Corporation Bank under PM’s life insurance scheme underscores this
COIMBATORE, MARCH 28:
When B Kalaivani and her (late) husband K Lakshmana Kumar opened a savings bank account (jointly) in September last and agreed for an auto debit of INR:330 towards the Pradhan Mantri Jeevan Jyoti Bima Yojana premium, Kalaivani, a mother of three, had no clue that this would come in handy some day.
And so it did before long, when Lakshmana Kumar breathed his last due to pneumonia. The widow, though a post-graduate in psychology, says she was not aware that her husband had opted for cover under the PMJJBY scheme, until someone asked her to approach the bank.
“That was my first visit to the bank. I showed my pass book, explained my position and submitted the claim form. I am now in receipt of the cheque for ₹2 lakh,” she told BusinessLine, receiving the instrument from YP Rao, AGM, Corporation Bank (Saibaba Colony branch, Coimbatore).
Stating that this was the first claim, Rao said that the branch was able to get it within a fortnight of submission of papers to the bank’s head office in Mangaluru.
He recalled the campaign launched by the branch at Ward No 14 here. “It was largely un-banked, comprising over 3,000 families. We got all the residents on board and a good number of them opted for the PMJJBY cover.”
“There is no policy document, just a passbook entry to signify that the account-holder is covered under the scheme,” he said, adding “those that have opted for the scheme should let their family members know that he/she is covered under the scheme. Else, it might go unnoticed and the beneficiaries may not be able to benefit from the cover, should an eventuality take place,” Rao said.
Share details
P Mohankumar, Managing Director, Link-k Insurance Broker Company, observed that people by and large faile to share investment details with either the spouse or other family members. “As long as the going is good, it will not matter, but if something were to go wrong, everything will get stuck,” he said and cited the case of an individual who failed to provide for his dependants.
Not wanting to name the deceased, he said “this friend of mine led a hi-fi life. He failed to take a life protection cover (term plan) during his life time. When a car accident took his life, his wife realised that his driving licence had expired and he had not renewed it.
“They were, therefore, forced to sell the damaged vehicle as salvage; she was not aware of his business commitments. Even before she came to terms with the sudden loss of her husband, she was literally on the streets,” he said, emphasising the need to opt for adequate life cover and more importantly, sharing the details with kin.
Source:The Hindu Business Line
Wednesday, 16 March 2016
Corporation bank
20:18
Corporation Bank releases e-Purse
Corporation Bank releases e-Purse
Corporation Bank released ‘Corp e-Purse’, an e-wallet service for its customers using smart phones on the occasion of Bank’s 111th Foundation Day Celebrations here.
Bank managing director and chief executive officer Jai Kumar Garg released the purse in the presence of executive director Sunil Mehta and director Adish Kumar Jain at a function on Saturday.
A release said the purse had secure and real time payment processing capacity and facilitates a host of mobile based payments for both to individuals and merchants.
Source:The Hindu
Wednesday, 26 August 2015
troubled Loan
07:18
3 state-run banks plan to sell Rs 2,700 crore NPAs to ARCs
3 state-run banks plan to sell Rs 2,700 crore NPAs to ARCs
After a lull in asset sales markets in the past few quarters wherein state-run banks failed to dispose of their troubled loans, more such banks are planning to tap the ARCs this quarter. City-based Union Bank of India , Karnataka-based Corporation Bank and Bank of Maharashtra on Monday said they are planning to sell bad loans of Rs 2,700 crore to asset reconstruction companies (ARCs) in this quarter.
union Bank Chairman and MD Arun Tiwari said his bank is planning to "sell Rs 1,200 crore this quarter. In the first quarter, we had put on block Rs 900 crore, but could not get the right price. In te second quarter too, if only we get the right price we will go ahead". Similarly, Corporation Bank also said it is planning to sell some of its bad loans. "From the last two years, we were holding bad loans, but now we thought some of these assets can be sold to ARCs. We may look at selling around Rs 1,000 crore of bad loans in this quarter itself," Corporation Banks Chairman and MD S R Bansal told reporters here today.
The bank may also look at selling higher amount of non-performing loans to ARCs later in the year, Bansal said. In the quarter ended June 30, 2015, the bank's gross NPAs stood at 5.43 percent as against 3.96 percent in the same period last year. Similarly, Bank of Maharashtra chairman and MD Sushil Muhnot also said the bank is planning to offload Rs 500 crore of bad loans in the first week of September. Meanwhile, Corporation Bank also revised its base rate to 9.9 percent from 10 percent earlier with effect from today. Bansal said reduction in base rate will not affect its margins as bank has already reduced its cost of deposit rates.
"This will not have any impact. In fact, we had done due diligence. We had Rs 9,000 crore of excess liquidity. We are concentrating on reducing bulk deposit," he said. He said since corporate credit is not picking up, the bank is focusing on MSME, retail and agriculture sectors, where there is growth. In this fiscal, the bank is targeting a credit and deposit growth of 12 percent. Union Bank stock price On August 25, 2015, Union Bank of India closed at Rs 175.95, up Rs 2.75, or 1.59 percent. The 52-week high of the share was Rs 253.50 and the 52-week low was Rs 129.80. The company's trailing 12-month (TTM) EPS was at Rs 25.74 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 6.84. The latest book value of the company is Rs 288.40 per share. At current value, the price-to-book value of the company is 0.61.
Source :http://www.moneycontrol.com/news/business/3-state-run-banks-plan-to-sell-rs-2700-crore-npas-to-arcs_2716421.html
Source :http://www.moneycontrol.com/news/business/3-state-run-banks-plan-to-sell-rs-2700-crore-npas-to-arcs_2716421.html
