Chennai: Tamilnadu-based City Union Bank celebrated its 116th Foundation Day here. The event saw the participation of Finance Minister, Nirmala Sitharaman and MD and CEO of City Union Bank (CUB), N Kamakodi.
Speaking during the event, the Finance Minister said, “Institutions like banks should understand their core strengths and offer benefits to people like providing value-added features like phone banking facilities or rolling out of chat bots to serve customers and should not take up unnecessary scaling up of operations.” She heaped praise that CUB has been functioning steadily for the last 115 years.
She said banks speaking about consistency is a good quality and added that they should run on stable operations. “If there is no stability, then the economic activity surrounding it will get affected,” Nirmala and added having people’s trust is very important because if a bank loses people’s trust then it is bad for the bank and also to the country. Earlier, Sitharaman released the CUB’s chat-bot facility that would help bank customers enable to transfer funds, block cards or take up any other banking service.
According to a press release, CUB which was previously called as the Kumbakonam Bank Limited was incorporated as a limited company on 31 October 1904 with an initial capital of Rs 24,692. In the beginning, it emerged as a powerful regional bank with the objective of regional development and welfare. The first branch was opened at Mannargudi. Considering the growth and the conduct, Reserve Bank of India accorded the status of a ‘Scheduled Commercial Bank’ to the bank on 22 March 1945, the release said. Today, the bank has a network of 650 Branches across the country with 1053 on-site ATMs and 684 offsite ATMs.