Business Daily from THE HINDU group of publications
Friday, Jun 29, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jun 29, 2007 ePaper |
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Money & Banking
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Public Sector Banks Changes in 3Ps essential for growth, says Sambamurthy
Our Bureau Mangalore, June 27 Bringing in changes in 3Ps (people, products and processes) will help place a bank in higher growth path, according to Mr Sambamurthy, Chairman and Managing Director of Corporation Bank. Addressing the shareholders at the 10th annual general meeting here on Wednesday, he said that the bank has adopted this three Ps’ ‘mantra’ to make it more responsive and put it on a higher growth path. He termed the alliance with other two public sector banks as one of the initiatives in this regard, as the alliance aims to derive an aggressive edge for mutual sharing and cost reduction in many areas of operation. Fee income
When a shareholder wanted to know the performance of the bank in the fee-based income, Mr Sambamurthy said the bank earns fee income through CAPS (collection and payment services), sale of gold coins and other traditional services. He said the income through sale of gold coins almost tripled during 2006-07. To provide better services, Corporation Bank is shifting its CAPS division to Mumbai. “Our constant endeavour is to see that the fee income grows,” he said. The meeting resolved to pay 90 per cent dividend to its shareholders for 2006-07. This included 40 per cent interim dividend paid already.
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