Date:02/09/2006 URL: http://www.thehindu.com/2006/09/02/stories/2006090204891600.htm

Business

United Bank mobilises Rs. 1,500 cr.

Special Correspondent

KOLKATA: United Bank of India (UBI) has mobilised savings bank deposits of Rs. 1,500 crore through a special campaign of acquiring 10 lakh new savings account within a year.

Stating this, a bank release said that the campaign was noteworthy in that the account holders include bidi workers, small and marginal farmers, labourers in unorganised sectors, self-help groups and students.

UBI chairman and managing director P. K. Gupta said that the mission helped in increasing the share of low cost deposits while bringing down the cost of funds. He said that in today's competitive environment, clientele expansion was an absolute necessity for business growth.

He said that the newly acquired deposits would be leveraged by UBI by cross-selling its loan and insurance products. The bank also plans to increase its presence in North and Central India with 50 new branches for which it has already received permission from the Reserve Bank of India.

It is now in the process of rolling out core banking solutions and virtual private network.