Page 9 - BANKING FINANCE APRIL 2017

BANK UPDATE

Karur Vysya to launch small size branches 'Work from home'

Karur Vysya Bank is now visualising a different operational structure in branch launched by SBI
banking by introducing small branches of 600-800 sq. ft.
State Bank of India has recently said
K. Venkataraman, MD and CEO, KVB, said, "The bank is
looking at small-size branches of, say, 600-800 sq. Feet, it has
only to on-board customers". launched a
new facil-
To a query on performance, he said, "We do not foresee ity to en-
a huge jump in growth during the first two quarters of able its
FY17-18, but hope that the government spend would in- employees
crease during the third quarter. If it does, we may post to 'Work From Home'. The employees
a decent growth next fiscal". can work from home using mobile de-
vices to address any urgent require-
At least three to four mini size branches are expected to become operational by
September 2017, a KVB spokesperson said. The bank plans to set up recovery ment they may have, that stops their
branches, maybe two to three to start with, early next year. travelling to work.
The bank, in a statement, said this
Union Bank of India raises Rs 750 crore via bonds initiative is expected to benefit em-
Union Bank of India has raised Rs 750 crore by issuing Basel III compliant bonds. ployees, especially the women. SBI
The bank has issued 7,500 non-convertibles, unsecured sub- will use mobile computing technolo-
ordinated Basel III compliant perpetual debt instruments gies and maintain continuous control
for inclusion in additional tier-I capital, it said in a regula- over all the enabled devices centrally
tory filing. to manage and secure the data and
applications on the mobile devices.
The bond is issued for face value of Rs 10 lakh each at par Later, cross-selling, marketing, cus-
aggregating to Rs 750 crore on private placement basis, it tomer-relationship management and
added. Perpetual bonds carry no maturity period and can be treated as equity social media management will also
not as debt. be enabled to make the work from
The bonds, issued on a private placement basis, bears interest rate of 9.10 per home services comprehensive.
cent per annum payable annually. They are rated BWR AA+/Stable by Brickwork
Rating and IND AA by India Ratings. Indian banks are implementing these glo- Syndicate Bank puts up
bally accepted standards in phases since April 1, 2013. They are expected to fully GVK Group land for sale
implement these norms by March 2019.
Bank of India to raise Rs 204 crore by issuing shares
to LIC

Bank of India will raise Rs 204.42 crore by issu-
ing shares to LIC on preferential basis. The share-
holders at the extra ordinary general meeting ap-
proved to allotment of 1.75 crore shares on pref-
erence basis to LIC at Rs 116.81 per share, the Syndicate Bank has put up land
bank said in an exchange filing.
owned by GVK Group in GVK
Perambalur SEZ Pvt Ltd in Tamil Nadu
India Post Payments Bank plans to be simple for sale as part of revival of its out-
India Post Payments Bank Ltd's managing director and chief executive officer standing loan of Rs 175 crore. Ac-
Ashok Pal Singh wants to keep it simple. The bank will offer payment solutions cording to a public notice issued by
for recurring transactions, index funds, term plans and small loans. The bank will the bank, the Reserve Price of the
provide only index funds in the mutual fund space to avoid mis-selling. In insur- property that is spread across the
ance, the bank will sell term plans but not endowment plans. 2,500 acre SEZ, is over Rs 257 crore.

BANKING FINANCE | APRIL | 2017 | 9

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