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CUB: towards card-less withdrawal

With a total business of Rs 48,411 crore, City Union Bank (CUB) has maintained a 15 per cent growth in FY16.  Deposits have increased to Rs 27,158 crore, a jump of 13 per cent.  In the thick of reports of banks reporting massive losses, CUB has recorded a 13 per cent increase in its net profit, with net NPA at 1.53 per cent of its net advances. CUB has been able to maintain quality assets with focus on SMEs and agriculture.

Among smaller private banks, CUB has been a pioneer in technological advancements, from e-wallet to the e-lounge. Its next focus is on card-less cash withdrawal that would enable a CUB customer to withdraw money from CUB ATMs through one-time password (OTP), without using a card. It has been implemented in

T-Nagar, Mandavelli and Mount Road CUB ATMs. With the induction of S Mahalingam (ex-TCS Director) as the non-executive chairman, CUB can be expected to use much more technology.

One saw CUB everywhere in the recent Mahamaham festival with a step up in its CSR expenditure to Rs 10.45 crore. As part of Swachh Bharat mission, the bank  has constructed around 110 public toilets and made available mobile toilets during the Mahamaham festival. It has also planned smart initiatives to be implemented in and around Kumbakonam.

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