United Bank of India to open 1,000 ATMs in FY'14

State-owned United Bank of India said it plans to open 1,000 ATMs and about 250 branches in the current fiscal to increase its delivery channel.

"We intend to open 1,000 ATMs and 270 branches during the financial year," United Bank of India Chairperson and Managing Director Archana Bhargava told PTI.

The bank has CASA (current account and savings account) ratio of 40 per cent, she said, adding it is one of the highest among the banking sector.

With regard to total business, she said, the bank has set a target of Rs 2 lakh crore by the end of the current fiscal.

The business mix has already touched Rs 1.81 lakh crore by the end of June quarter, she added.

Asked about the capital raising plan, she said, the bank has submitted proposal to the government for capital infusion for the current fiscal.

She, however, did not disclose amount which has been sought from the government.

The bank has recently raised Rs 500 crore from Tier II bonds issued to Life Insurance Corporation, she said, adding, this is eligible under Basel III requirement.

Source: EconomicTimes