United Bank of India to open 1,000 ATMs and about 250 branches in FY14

In a bid to increase its delivery channel, state-owned United Bank of India is planning to open 1,000 ATMs and about 250 branches during the financial year 2014. Moreover, the bank has set a target of Rs 2 lakh crore by the end of the current fiscal. The bank has CASA (current account and savings account) ratio of 40% and the business mix has already touched Rs 1.81 lakh crore by the end of June quarter.

Recently, the bank raised Rs 500 crore in bonds subscribed by Life Insurance Corporation of India under the new Basel III regime, which has come into effect from April 2013.