10 new Union Bank branches in Jharkhand by this September

Jamshedpur, May 19 Union Depository Financial Institution of Republic Of India will open up 10 new subdivisions in Jharkhand by September this twelvemonth as it bes after to have got presence in each of the 22 territory central office of the state. At present, the depository financial institution have 48 operational subdivisions in Jharkhand.

According to the bank's Tinplate subdivision director Second Arvind Kumar, eight non-represented territory central office would have got a subdivision each, while the other two would come up up at other feasible locations.

Union Bank, the first PSB in Republic Of India to convey all its 2,514 subdivisions under the core banking solution (CBS) network, is now planning to web all its 421 regional rural depository financial institution subdivisions operating as Rewa Sidhi Gramin Depository Financial Institution and Kashi Gramin Depository Financial Institution in Madhya Pradesh and Uttar Pradesh, respectively, by September 2009.

The depository financial institution have submitted a proposal to the ministry of labor and other cardinal ministries to open up business relationships at its subdivisions (after they were certified by several deputy sheriff commissioners of the state's 22 districts), in favor of the National Rural Employment Guarantee Act and other donees so that money could acquire credited directly to latters' accounts. At present, money come ups to Ranchi first and then to the territory headquarters.

"This service can only be provided by a depository financial institution which have a 100% CBS support as the system gives 'anywhere banking' installation to customers," Kumar told iron recently.

The depository financial institution is presently conducting a countrywide study to open up 32 'retail plus branches' within the current fiscal, one of which is proposed for this city. The subdivision will beef up the bank's existent web in the metropolis by providing rapid bringing of loan countenances at customers' doorstep.

Union Bank: clean act here

On the human face of things, Union Depository Financial Institution of India's (UBI) Q4 public presentation was rather dissatisfactory as the nett involvement income, adjusted for extraordinary income have remained level at Rs 740 crore. This caused a pressure level on the borders and they dipped by 47 footing points over the same time period of the former twelvemonth and by 36 points sequentially.

Treasure additions and recoveries saved the twenty-four hours as other income grew by 28%, over the same time period of the former year, to touch Rs 310 crore. There are additional concerns about the core concern growth. However, there are other factors that oblige analysts to take a positive expression at the stock. The greatest amongst them is the fact that the depository financial institution have a clean balance sheet, in fact 1 of the cleanest in the sector. And this is getting even better, with the GNPA and NNPA declining in absolute as well as per centum terms. The gross NPA as on March 2008 stood at 2.20% and nett NPA at 0.17%. It have a strong technological platform and during FY08 the depository financial institution have brought all of its 2,361 subdivisions under core banking solution.

Overall, for the full fiscal, the quality of the plus premix have helped it better the output on progresses to 10.12% inch FY08, from 8.98% degrees in the former year. In the current year, the depository financial institution means to aggressively prosecute growing and will be targeting a 23% loan growing and is expected to add 400 new branches. This also includes subdivisions in Abu Dhabi, Shanghai and Hong Kong. While this sounds attractive, analysts will be watching out for the cost of these enlargements and its impact on profitability. Also, the hazard profile be givens to increase as the depository financial institution spreadings out. Moreover, with the current hard cash modesty ratio addition the depository financial institution might be forced to cut sedimentation rates. And, will profit if it does, think analysts.

Contributed by Akash Joshi

UBI set to launch reverse mortgage scheme by April

MUMBAI:
Following the budget proclamation that income received on contrary mortgage would
not be taxed, public-sector loaner Union Depository Financial Institution of Republic Of India bes after to establish its
reverse mortgage merchandise by adjacent month. "The merchandise is ready with the
bank. The budget have cleared all the taxation substances related to the merchandise (reverse
mortgage). We be after to establish the merchandise by adjacent month," UBI President and
Managing Director Meter Volt Nair told PTI. Many loaners such as as State
Bank of India, Kanara Bank, Punjab National Bank, Uco Bank, Depository Financial Institution of Baroda,
Allahabad Bank, North American Indian Bank, Axis Depository Financial Institution and Central Depository Financial Institution of Republic Of Republic Of India are already
offering the merchandise to senior citizens. Announcing the budget, Finance
Minister Phosphorus Chidambaram had said that the income taxation enactment would be amended to
provide that contrary mortgage would not amount to 'transfer' and the income
received by senior citizens would not be taxed as 'income'. Change By Reversal Mortgage is a scheme
meant to supply a monthly income for senior citizens, who have self-acquired and
self-occupied house property, by mortgaging the place to the bank. The client makes not have got to
repay the amount during his/her lifespan and can bask the stay in the house
with the partner through his/her lifetime. After the decease of the
borrower, the legal inheritors can either give up the place to the depository financial institution or can
repay the loan to deliver the property. UBI, which is currently
implementing an aggressive enlargement programme, had recently rolled out a
bouquet of merchandises to its clients such as as samariums Banking, Online Trading Service
besides bringing nearly 2,100 subdivisions under the Core Banking Solution (CBS).

Govt-owned banks go for core banking platform

MUMBAI:
More and more than government-owned banks are moving towards complete inclusion of
their subdivisions on the core-banking platform, which will enable their customers
to entree their business relationships from any location. State Depository Financial Institution of India, Union Depository Financial Institution of
India and Punjab National Depository Financial Institution have got made it clear they are looking at 100%
implementation of core-banking solutions (CBS) across the
country. Currently, SBI has
7,200, or 75%, of its sum subdivision web on the core-banking platform. A bank
official said that they were aiming at a 100% CBS-rollout by March adjacent twelvemonth as
well, though some of its distant subdivisions might have got to be included as and when
the connectivity jobs are resolved. The depository financial institution have got the regulating approval
to raise its 9,500-strong subdivision web to 10,000 by the end of this fiscal,
and further subdivisions will also be on the
CBS-platform. Union Depository Financial Institution of
India announced the rollout of its 1,501st subdivision under the core-banking network
on Thursday, and claims to have got added over 550 of those in the past three months
itself. It bes after to convey all its 2,300 subdivisions under the core-banking platform
by March 2008. Union Bank
chairman and managing manager millivolt Nair said that the remaining 800 branches
would be brought under the core-banking network by March 2008, even though
almost 300 of them are in rural countries and endure from connectivity issues. “Our connectivity solutions supplier VSNL have promised us the availability
of leased lines for these 300 branches. Even if that makes not happen, we will
make usage of V-Sat connections,” he
said. The depository financial institution have spent Rs 150
crore to revolve out its CBS-branches sol far, Mister Nair said. He added that Union
Bank would be disbursement Rs 250 crore on its technological trading operations this year,
including passes on data-warehousing, standard atmosphere web and its phone call centre. The bank
also announced the launch of its samariums banking services on Thursday. In its
initial stages, the clients will be offered balance inquiries, check status
inquiries, business relationship and payment alarms on the samariums service. Going forward, the
bank will look at offering mobile-payment solutions as well, said Mr
Nair. Meanwhile, Depository Financial Institution of India
claims it will attain the 1,500-mark for its core-banking enabled subdivisions by
March adjacent year. In the past, most public-sector Banks had maintained that
complete execution of CBS would be impossible owed to the big figure of
rural subdivisions they have. Other authorities owned Banks like Corporation Depository Financial Institution and
SBI’s associate Banks already have got all their subdivisions on the CBS
platform.

DIAL ties up Rs 4,940 cr loan from 12 banks

NEW DELHI: GMR-led Delhi International
Airport Ltd on Friday said it have secured a Rs 4,940 crore loan to modernise
the national capital's airport, a development that volition soon assist addition the
passenger comfortableness quotient. The public-private partnership
initiative, mandated to modernise the Capital's Indira Indira Gandhi International
Airport, said that it signed cardinal funding written documents with its undertaking lenders
for Rs 3,650 crore and foreign currency loan of USD 350 million to fund the
project. The sum working capital outgo programme of the first phase
till 2010 is estimated at about Rs 8,900 crore. This is expected to be funded by
debt and equity in the ratio of 1.25:1, dial Head Financial Military Officer Shirish
Navlekar said. The Sri Lanka rupee constituent of the debt amounting to Rs 3,650
crore have been raised for 17 twelvemonth term of office at a charge per unit of 10.50 per cent and
external commercial adoptions constituent of USD 350 million have been raised with
a 13 twelvemonth period. The trade have been syndicated by ICICI Depository Financial Institution Ltd. The assorted Banks that have got extended loan to dial include Canara
Bank (Rs.600 crore), IIFCL (Rs 500 crore), Union Depository Financial Institution of Republic Of Republic Of Republic Of India (Rs 500 crore),
Oriental Depository Financial Institution of Commerce (Rs.400 crore), Central Depository Financial Institution of India (Rs 400 crore),
Andhra Depository Financial Institution (Rs 250 crore), Vijaya Depository Financial Institution (Rs 250 crore), IDFC (Rs 250 crore),
Bank of India (Rs 250 crore) and PNB (Rs 250 crore). The company said out
of the USD 350 million foreign currency loan, USD 200 million have been financed
by ICICI Bank, Capital Of Singapore and another USD 150 million by Abu Dhabi Commercial
Bank. dial is currently implementing the Maestro Plan for the
development of a new airdrome complex. Work on the incorporate rider terminal
and runway commenced in February 2007 and the new terminus would be inaugurated in
2010 before the Commonwealth Games