Corporation Bank launches 'CorpCompassion'

Mangalore, May 18 (UNI) One of the leading Public Sector banks in the country, Corporation Bank today launched 'CorpCompassion', a feature rich savings bank account.

Speaking on the occasion, Bank Chairman and Managing Director B Sambamurthy said under the new product, the bank would donate Rs 10 to the underprivileged for every account opened.

This product, besides meeting the social service objective, would contain all hi-tech features like Any Branch Banking, Multi-city Cheque facility, Personalised Cheque facility, Internet Banking facility, SMS Banking, Tele Banking, Term Insurance Low Premium and other facilities, he added.

Mr Sambamurthy said the Regional General Managers of the Bank had been authorised to identify and select the eligible charitable institutions for availing the donations. He said in the similar scheme launched earlier by the bank, it had opened three lakh new account and the donations had been given to CRY and Helpage.

This was the first public sector bank to bring entire bank under Core Banking Solution, he claimed.

The net profit of the bank for the year ended March 31, 2007, was Rs 536.14 crore, compared to Rs 444.46 crore during the corresponding period last year. The Board of Directors had recommended payment of total dividend of 90 per cent for the current year, including the 40 per cent interim dividend already paid.

He said the total business of the bank registered a growth of 27.21 per cent in the last financial year.

UNI