Mangaluru: Urban, metro branches of Corporation Bank to become foreign exchange hubs

Mangaluru: Urban, metro branches of Corporation Bank to become foreign exchange hubs

Mangalore Today News Network

Mangaluru, Nov 08, 2015: Corporation Bank is set to make all its urban and metro branches as forex branches that will enable customers to do business related to import and export on a real-time basis.

 

Talking to presspersons here on Saturday, chairman and managing director of Corporation Bank S.R. Bansal said urban and metro branches in the southern region now were forex branches. In another six months, such braches in other regions too would become forex branches.

He said the bank had opened a forex Hub in Bengaluru on October 19 where 21 officers had been specially trained to attend to foreign exchange-related transactions. Similar hubs would come up in New Delhi and Mumbai.

“Standardised approach will be followed and aberrations seen recently in some banks in handling such transactions will not be seen here,” Mr. Bansal said.

He said the bank was adopting a modern version of core banking solution with Finacle software that would improve the uptime and response of the bank with its customers. The new version of CBS has already been put into operation in Mangaluru’s Kottara branch. As many as 50 branches would be operational by December, he said.

Mr. Bansal said the bank earned a profit of Rs. 2.7 crore from the Pradhan Mantri Jan Dhan Yojana accounts. As many as 25,00,557 accounts had been opened in 2,291 villages and 951 urban wards in which bank balance stood at Rs. 628.28 crore.

The percentage of zero balance accounts in these accounts was on a declining trend and was now at 24.05 per cent by the end of September 30.

The bank opened 54,68,90 policies under the Pradhan Mantri Jeevan Jyothi Bima Yojana and earned a commission of Rs. 4.96 crore.

It enrolled 11,64,326 persons under the Pradhan Mantri Suraksha Bima Yojana and earned a commission of Rs. 23.28 lakh.

Mr. Bansal said the bank unveiled Corp Bullion Plus scheme for selling gold to jewellery traders. It was taking steps to lease rentals and rationalisation of carpet area of bank’s branches. They had also initiated the process of developing Ghaziabad-Hindon Towers and other bank properties.