Financial Daily from THE HINDU group of publications
Friday, Jun 04, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 04, 2004 |
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Money & Banking
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General Insurance Insurance cover offer on UBI housing loans in Kerala Our Bureau
Kochi , June 3 THE Union Bank of India in association with SBI Life Insurance has launched its new product, Union Home Plus, in the State. This new insurance policy, which is an add-on to Union Home loans, would be an optional feature, open to both existing and new customers. Addressing a press conference, Mr Viju Cherian, Assistant General Manager of the bank, said that the premium would be paid as a lump sum, but could be deducted from the customer in equal monthly instalments - with the same rates of interest that is being charged for the home loan. Union Bank has 121 branches in the State, of which 13 are rural and the remaining 108 in urban and semi-urban areas. Total deposits of the bank within the State was Rs 2,435 crore last year, of which Rs 1,090 crore came as NRI deposits. The total advances amounted to Rs 1,493 crore. The bank has a credit deposit ratio of 61 per cent. The bank's priority sector advances in the State totalled Rs 907 crore, which included Rs 338 crore towards agriculture and Rs 133 crore to small-scale industries. Advances to the export sector amounted to Rs 208 crore. The bank's non-performing assets (NPAs) stood at 5.91 per cent. The total outstanding amount towards home loan last year was Rs 276 crore. Of this, fresh disbursement last year was close to Rs 100 crore. The bank has set a target to achieve Rs 225 crore advances to the housing sector this year.
More Stories on : General Insurance | Housing Finance | Kerala | Public Sector Banks
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