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Tuesday, Jun 25, 2002

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Corporation Bank's tech drive

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AS part of its technology drive, the Mangalore-based Corporation Bank has computerised all its operations in its Thiruvalla branch and has moved to more spacious premises.

The new premises were inaugurated by the Supreme Head of the Marthoma Church and the local MLA inaugurated the bank's locker facility.

The computerised operations of the branch were inaugurated by the Municipal Chairman and the inaugural function was presided over by the Chairman and Managing Director of the bank, Mr K. Cherian Varghese.

According to a press release issued here today, Mr Varghese dwelt on the banks recently-launched `techno-savvy' products such as Corp Fast, Corp Dial, Corp Reach, Corp Classic and Corp Smart.

In its sustained attempt to incorporate new technology into its banking operations the bank has launched Corp Smart, a `combi-card' that stores cash in electronic form and enables card-holders to access the `member establishments' apart from facilitating withdrawal of cash from ATMs.

Corp Fast is a facility for the fast collection of outstation cheques. Corp Classic is a savings deposit scheme that offers higher returns by automatic transfer of funds above Rs. 5,000 to term deposits and breaks the deposit to honour cheques drawn on the account. Corp Dial is a tele-banking facility and Corp Reach provides access to accounts through a computer terminal. In recognition of such endeavours, the press release has added, Corporation Bank has won the Best Bank Award for excellence in banking technology from IDBRT, Hyderabad, for the year 2001.

The bank has already installed 139 inter-connected ATMs in various `major towns and cities' across the country and is in the process of increasing this number to 500 by March 2003.

The bank's deposits crossed Rs 18,500 crore as on March 31 this year with advances crossing the Rs 10,500 mark thus registering a total business of Rs 29,911 crore. The bank's profit also touched an all-time high of Rs 308.10 crore.

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