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August 24, 1999
UBI to start 'anywhere banking'The state owned Union Bank of India would network its 400 branches across the country to provide 'anywhere banking' services by the end of next month, claims A T Pannir Selvam, UBI Chairman and Managing Director.
He was speaking to reporters during the National Conference on Financial Reforms: Banks and Financial Institutions.
The seminar was organised today in New Delhi by the Confederation of Indian Industry.
Selvam said the network would enable inter-banking transactions through ATMs and other means.
''The anywhere banking service will be available to all our customers including corporations and retail customers,'' he said.
The bank is awaiting the cyber laws to be enacted to enable the customers to bank through the Internet. ''Problems of encryption and signature recognition needs to be resolved before setting up a complete payment system,'' Selvam added.
In a bid to boost its Tier II capital above the mandatory 9 per cent, the UBI will tap the market with subordinated debt issue of Rs 3000 million with the option of retaining another Rs 2000 million, the bank CMD said.
''The bank will come out of the issue now and the IPO will be issued next fiscal,'' he added.
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