JAIPUR: United Bank of India (UBI) has achieved a milestone of crossing one lakh crore of business in 2009-10. The Kolkata-based bank, which came out with its first public offer in February this year, did a total business of Rs.111,592 crore as on March 2010 from that of Rs.90,263 crore in March 2009.
The period marked the growth of 23.63 per cent in the bank's total business. The deposits registered a growth of 26.26 per cent and advances, 19.61 per cent.
Bhaskar Sen, chairman and managing director of the bank, interacting with media persons here said the bank could achieve the milestones of progress in three aspects such as the total business, 100 per cent CBS (core banking solution) and the successful IPO.
Through the public issue, which was oversubscribed by more than 33 times, the bank could collect Rs.325 crore. “UBI is the first eastern India based nationalized bank to achieve 100 per cent CBS,” he pointed out.
Mr. Sen, along with S.L. Bansal, bank's executive director and director Naina Sharma, was here in connection with the opening of its 1535 {+t} {+h} and 1536 {+t} {+h} branches at Tonk Road and Mansarovar respectively in the Rajasthan Capital.
Union Minister of State for Finance Namonarain Meena inaugurated the new branches in the presence of Jaipur MP Mahesh Joshi and Transport Minister Braj Kishore Sharma.
With the newly opened ones UBI has a total of 11 branches in the State.
Mr. Sen said the bank made sincere efforts in discharging its obligation on financial inclusion. As many as 901 of its branches are in rural and semi-urban areas.
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