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Corporation Bank`s outlets in LIC premises to touch 100
Chennai, Mar 26: Corporation Bank`s service outlets in LIC premises across the country were scheduled to go upto 100 by June six next, the second anniversary of the strategic alliance between the two, bank chairman Cherian Varghese said today.
Chennai, Mar 26: Corporation Bank's service outlets in LIC premises across the country were scheduled to go upto 100 by June six next, the second anniversary of the strategic alliance between the two, bank chairman Cherian Varghese said today.
With the opening of 33 such outlets in a single day
today the total number had gone up to 63, he told reporters
here.
These outlets are either new branches/ extension counters or ATMs, he said adding that both the organisations are certain to benefit from this initiative especially as the bank is already a corporate agent for LIC.
The bank had also tied up with the New India Assurance Company to sell the latter's general insurance products, he said. Bank was expecting an additional revenue of Rs two crore from insurance business in the coming fiscal, he said.
Varghese said that the number of ATMs of the bank would touch 500 by the end of this month from the present 400.
He said that the bank had clocked a profit of Rs 368 crore in the first nine months of the current fiscal registering a 14 per cent growth. The NPA of the bank presently stood at 2.3 per cent, he said adding that after the securitisation act came into operation, the bank could recover at least Rs 16.5 crore just by sending notices.
The housing loan portfolio of the bank was expected to grow by 100 per cent to touch Rs 1400 crore by the end of this fiscal, he said.
Later the LIC chairman S B Mathur inaugurated an ATM of the bank at the LIC premises in the city. Bureau Report
These outlets are either new branches/ extension counters or ATMs, he said adding that both the organisations are certain to benefit from this initiative especially as the bank is already a corporate agent for LIC.
The bank had also tied up with the New India Assurance Company to sell the latter's general insurance products, he said. Bank was expecting an additional revenue of Rs two crore from insurance business in the coming fiscal, he said.
Varghese said that the number of ATMs of the bank would touch 500 by the end of this month from the present 400.
He said that the bank had clocked a profit of Rs 368 crore in the first nine months of the current fiscal registering a 14 per cent growth. The NPA of the bank presently stood at 2.3 per cent, he said adding that after the securitisation act came into operation, the bank could recover at least Rs 16.5 crore just by sending notices.
The housing loan portfolio of the bank was expected to grow by 100 per cent to touch Rs 1400 crore by the end of this fiscal, he said.
Later the LIC chairman S B Mathur inaugurated an ATM of the bank at the LIC premises in the city. Bureau Report