The City Union Bank Limited is an Indian bank. The Kumbakonam Bank Limited, as it was at first called, was incorporated as a limited company on 31 October 1904. The bank initially preferred the role of a regional bank in the Thanjavur district of Tamil Nadu. As of 30 September 2017, City Union Bank has a network of 557 computerized branches using TCS BaNCS software and 1,526+ ATMs across the country. The bank also provides a gamut of technological services like net banking, mobile banking, self-service kiosks, Bulk Note Acceptors and Point of Sales etc. To cater to the needs of customers for many different walks of life, the banks also have a wide offering of savings and deposit products to meet the demand of various customers. It also offers many loan products to service the financial needs of small individual customers to large industries.
India's first banking robot named Lakshmi was launched by City Union Bank in November 2016. It is the first on-site humanoid (robot) in India. The robot is capable of multitasking sensitive financial information like account details. There are about 120 questions a bank customer could ask.
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History
The bank, in the beginning, preferred the role of a regional bank and slowly but steadily built for itself a place in the delta district of Thanjavur. The first branch of the bank was opened at Mannargudi on 24 January 1930. Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Thirukattupalli, Thiruvarur, Manapparai, Mayuram and Porayar within a span of twenty-five years. The bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22 March 1945. It celebrated its Golden Jubilee on 14th November 1954. In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited and in the process annexed to it the five Branches of Common Wealth Bank Limited at Aduthurai, Kodavasal, Valangaiman, Jayankondacholopuram and Ariyalur. In April 1965, two other local banks, viz. "The City Forward Bank Limited" and "The Union Bank Limited" were amalgamated with the bank under a scheme of amalgamation with the resultant addition of six more branches viz., Kumbakonam-Town, Nannilam, Koradacherry, Tiruvidaimarudur, Tirupanandal and Kuttalam. Consequently, the bank's name was changed to 'Kumbakonam City Union Bank Limited'. In November 1965, the bank's first branch at Madras was opened at Thiyagaraya Nagar. In May 1969, the bank secured the services of Shri. O.R. Srinivasan, a former Officer of Reserve Bank of India to be at the helm of affairs as Chairman and Chief Executive Officer which event proved to be a turning point in the annals of the bank. The first branch outside the state of Tamil Nadu was opened at Sultanpet, Bangalore in Karnataka in September 1980. Branches were also opened in the twin cities of Hyderabad and Secunderabad in erstwhile Andhra Pradesh. In tune with the national image attached to the bank, the bank's name was changed to 'City Union Bank Limited' with effect from December 1987. Taking into account the bank's financial strength, managerial competence and consistent progress in all spheres of its activities, Reserve Bank of India have granted an "Authorised Dealers License" to deal in Foreign Exchange business with effect from October 1990. The bank has introduced computerization in the year 1990 and all the branches have since been computerized.
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Recognition & awards
- Best Mid-sized Bank on Profitability and Efficiency - Business Today Survey Nov 2011
- City Union Bank Ltd received Industrial Economist Excellence Award -2012
- Sir Vishvesvaraya Industrial Awards & (TNSB) Innovation Awards
- Best Old Private Sector Bank by Financial Express for the year of 2015-2016
- IDRBT Banking Technology Excellence Awards for the Year 2016-17 Best Bank Award for Cyber Security and Defense among Small Banks
Source of the article : Wikipedia
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