The City Union Bank on Sunday launched a mobile app to help customers locate the nearest Automated Teller Machine and bank branch.
At the function to mark the 110 Foundation Day of the bank, R. Gandhi, deputy governor, Reserve Bank of India, spoke extensively on the revised regulatory framework for non-banking financial companies (NBFC) and allayed fears expressed by stakeholders.
He spoke about the changes in the sector, and said that while the number of registered NBFCs has gone down from the peak of 14,772 in 2002 to 12,029 in March 2014, those in the business have found a niche for themselves in the financial fabric of the country.
He said identification of shadow banking activities and entities in the country is a humongous task. “There is very little data available on chit funds, both in the formal and informal sector, money lenders and the like. A group consisting of regulators and enforcement agencies are engaged in this task,” he said.
C. Rangarajan, former chairman, Prime Minister’s Economic Advisory Council and former governor, Reserve Bank of India, said that a balance must be struck between the need for financial innovation to ensure growth and need for regulation to ensure sustainability. The Bank also launched the RuPay card to promote financial inclusion and a CUB mobile passbook. The bank donated Rs. 18 lakh for a fully-equipped ambulance for the Kumbakonam municipality.
On the 110th foundation day, S. Balasubramanian, chairman, City Union Bank, said that the bank that was started in Kumbakonam has become a national bank with a presence in 17 States. As part of its corporate social responsibility, the bank donated Rs. 2.5 crore towards construction of 110 toilets, including 10 in schools in Kumbakonam.
