Page 31 - BANKING FINANCE JULY 2016

PRESS RELEASE

United Bank of India launched IMPS

United Bank of India became one of the Bank to have rolled Speaking on the occasion, Managing Director & CEO, Shri
out IMPS facility in all channels, viz: Branch, Internet & P Srinivas said that all these initiatives are being taken
Mobile Banking & Business correspondent channels. keeping in mind customer convenience and comfort. These
transactions not only save time for customers but also are
The Bank also launched two more products, account cost effective, minimize wait time and at the same time
statement on missed call & voice OTP. Bank already had fully secured.
balance on missed call and as a value addition; customer
will now be able to fetch a mini statement of their Shri K.V. Rama Moorthy, Executive Director, said that
account by giving a missed call at 08010968350. Further, United Bank of India is now having all the popular alternate
customers from now onwards at the time of online channel products / services for all segments, which are well
transactions may opt for voice OTP, apart from the existing accepted by the customers.
OTP through SMS.
Mr. Dilip Asbe, COO, NPCI was also present on the occasion
Bank also demonstrated its readiness with Unified Payment and said that United Bank of India is always in the fore front
Interface, which will be rolled out for customers along with in rolling out the latest & innovative alternate banking
select few Banks once NPCI gives the go ahead. channels, which is the need of the hour.

Allahabad Bank's 14th Annual General Meeting

Allahabad Bank, one of the leading
nationalised Banks of the country, held its
14th Annual General Meeting of the
shareholders of the Bank on 29.06.2016
at Bhasha Bhawan Auditorium, Kolkata
under the Chairmanship of Shri Rakesh
Sethi,Chairman & Managing Director of
the Bank.

In the meeting the Bank obtained the
approval of Bank's shareholders in respect
of the Bank's Audited Financial Result for
the year ended 31.03.2016.

Shri Sethi apprised the shareholders in
length about the performance of the
Bank during the FY 2015-16.He informed
that the total business of the Bank had
increased to Rs. 3,58,352 crore as against Rs. 3,46,519 crore in the previous year. He also informed that the Bank posted
a net loss of 743.31 crore in FY 2015-16 due to higher provisions which increased by 27.05% during the year.

Shri Sethi emphasized that during the current Financial Year the Bank will adopt a three-pronged strategy i.e. Recovery
of overdues, achieving healthy growth in retail advances and mobilizing CASA deposits.

SBI creates Rs. 100-cr fund for start-ups

The State Bank of India (SBI) has set up a Rs. 100-crore corpus fund to collaborate with start-ups. "We have created
a corpus of Rs. 100 crore for the start-ups. We will encourage IT-based Start-ups either through debt or equity invest-
ment so that the collaborations happen. The fund is not yet operational and is in the drawing board stage," said
Mrutyunjay Mahapatra, Deputy Managing Director, SBI, at the first odisha finance summit 2016 organised by the
Indian Chamber of Commerce.

BANKING FINANCE | JULY | 2016 | 31

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