Corporation Bank to revamp business and renew image

Mangalore Today News Network

Mangaluru, June 30, 2016: Speaking at the 19th annual general meeting of the bank here, Corporation Bank managing director and chief executive officer Jai Kumar Garg on June 29, Wednesday informed that the bank was keen on acquiring new clients with focus on next-generation customers and nurturing the relationship with existing customers to achieve better business growth.

MD Garg said that the bank’s total service outlets reached 10,207 units, comprising 2,440 branches, 3,040 ATMs and 4,727 branchless banking units as on March 31, 2016.  He said that the Pradhan Mantri Jan Dhan Yojana had opened up plenty of opportunities for the bank in terms of new savings bank accounts, financing under government-sponsored schemes and cross selling opportunities etc. Under this scheme, the bank opened 25.92 lakh accounts with an outstanding balance of Rs. 749.63 crore as on March 31.

The average balance in the non-zero balance accounts was Rs. 3,663 per account as against the national average of Rs.2,293. The bank had issued Ru-pay Aadhaar Debit Cards or Ru-pay Debit Cards and passbook to the account holders. The bank had seeded and mapped Aadhaar numbers in 61.39 per cent of the accounts opened under PMJDY, he said.

MD. Garg said that the bank had also rolled out its latest, most modern version of core banking solution and the migration was going on at a brisk pace. New core banking system was introduced in newly opened branches at Kottara and Kulur in Mangaluru. This would help the bank meet the ever changing/increasing needs of our customers, expand its business, introduce techno savvy products & services and secure business of new-gen customers.