Chidambaram asks UBI to double its business

Kolkata, Dec 06: Union Finance Minister P Chidambaram today asked the United Bank of India to double its business volume from Rs 50,000 crores to Rs 1 lakh crores within the next 5 years, besides ensuring its broad base capital though the pblic isuue.

Inaugurating the first UBI online service called 'United Online' here today, the Finance Minister lamented that it took about 56 years for the city based bank to increase its business volume to Rs 50,000 crores and said the bank must take all steps to be totally technology driven financial institution to achieve its business target of Rs 1,00,000 crore.

Describing today's launch of online service as only a 'baby' step forward for UBI, he said the bank was already lagging at least 5 to 6 years behind in terms of acquiring latest technology.

Underscoring the necessity of the bank to widen its capital base, Mr Chidambaram asked the bank's 18,000 odd staff members to double their efforts to make their presence felt in a highly competitive financial sector.

He said unless the bank was able to gear itself to the demand of the present day economy it would be very difficult for them to sustain the growth, particularly in the agricultural and the SSI sectors, which he said had gone a long way in ensuring about 18 per cent growth of the bank during the last couple of years.

The Finance Minister also hailed the bank mangement for the wonderful business turnaround to make the bank from a loss making one to a profit making.

Earlier, UBI Chairman and Manging Director highlighted the bank's performance and its future goals. Among others UBI'ED S lahiri was also present.

UNI