UBI to launch internet banking

Kolkata, May 23 (UNI) United Bank of India (UBI) today said it would introduce internet banking facility at its branches from next month.

Bank chairman and Managing Director P K Gupta said the Bank would implement Core Banking Solution (CBS) from September.

The bank would implement core banking solution (CBS) from September this year with the start of a pilot project, he said in an interactive session with the Merchants Chamber of Commerce.

Of the total 1,318 branches, the bank would bring 600 under the CBS platform by March 2007, he added.

UBI has also declared a dividend of Rs 46 crore to the government after a period of five years. The bank, which made a business of Rs 45,000 crore in the previous fiscal, was targeting a turnover of Rs 55,000 crore during the current financial year.

Gupta said the bank is holding talks with the RBI and the Centre to restructure capital and is also exploring the possibility of floating an IPO.

Last year UBI had earned Rs 20 crore from premium income and this year it is targeting a premium income of Rs 75 crore, out of which the expected profit would be Rs 25 crore.

Gupta said the bank was looking at increasing fee-based income by way of tie-ups with banks and insurance companies.

UBI has also tied up with UTI AMC for distributing mutual fund products and would add 80 ATMs during the current year to its present strength of 120 ATMs.

UNI TJP KK/SRC1948