HEADLINES
SHAREWARE
DISCUSS
POLICY POLICE
JOBS
ARCHIVES

Search Rediff

UBI to start 'anywhere banking'

T O D A Y

• The Phonetic Engine • Power units at Y2K risk • UBI gets wired • Bharti restructuring

The network with 50 controlling centres will account for 65 per cent of the bank's business. It will enable a customer to access his account from anywhere of the networked branches, Selvam said.

He was speaking to reporters during the National Conference on Financial Reforms: Banks and Financial Institutions.

The seminar was organised today in New Delhi by the Confederation of Indian Industry.

Selvam said the network would enable inter-banking transactions through ATMs and other means.

''The anywhere banking service will be available to all our customers including corporations and retail customers,'' he said.

The bank is awaiting the cyber laws to be enacted to enable the customers to bank through the Internet. ''Problems of encryption and signature recognition needs to be resolved before setting up a complete payment system,'' Selvam added.

In a bid to boost its Tier II capital above the mandatory 9 per cent, the UBI will tap the market with subordinated debt issue of Rs 3000 million with the option of retaining another Rs 2000 million, the bank CMD said.

''The bank will come out of the issue now and the IPO will be issued next fiscal,'' he added.

UNI

Tell us what you think