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Students can soon reduce the drudgery of standing in queues to pay their fees. They can instead use their mobile phone and do it from the comfort of their hostels or homes, a top official of Karur Vysya Bank said.
The Tamil Nadu-based bank wants to tap universities and institutes with large student strength to offer mobile banking services. All that the students need is to have an account with the bank, says K.Venkataraman, Managing Director and Chief Executive Officer.
Students need not go to their college or bank, they can pay their fees using the mobile. If their parents have an account in KVB, they can also make the payment, he told Business Line in a telephonic interaction.
Fee collection is a big challenge for universities and educational institutions. By offering mobile, Internet banking and ATM services we can save time and effort. “We have offered this facility to a few universities in Tamil Nadu and are talking to Lovely Professional University in Punjab, which has one of the largest student enrolments. We have a branch there and have made a presentation,” he added.
The data captured on the electronic platform goes on the MIS (Management Information System). It would be easy to send SMSes or email reminders to students and simplify the entire process, Venkataraman said.
Referring to the bank’s growth plans, Venkataraman said: “We are looking at diversifying our loan portfolio to include pharma, engineering, chemicals and small and medium enterprises this year.”
Diversifying portfolio
The bank wants to launch nationwide campaigns tailored to different markets. For example, we will have a campaign to focus on SME loans to rice millers, transport operators, and so on. Similarly, emphasis will be on housing loan, where processing and sanctioning of loans is being centralised, to help branches concentrate on marketing, Venkataraman said.
Currently, the bank has a business of Rs 59,000 crore, with a deposit base of Rs 33,450 crore and advances of Rs 25,675 crore, he said.
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