City Union Bank has received the first batch of repayment of Rs 100 crore from low-cost air carrier SpiceJet. The payment constitutes 50% of what the carrier owes City Union Bank. Further, the bank has received enough collateral for the balance amount, which is secured by immobile assets, deposits and margins by Kalanithi Maran, who is the guarantor as well as the former promoter of the airline.
City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards. The Bank operates in four segments, which includes Corporate/Wholesale banking, Retail Banking, Treasury and Other Banking Operations. The Bank offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations.
