Public sector lender, United Bank of India is reportedly planning to launch tea credit cards as well as new loan scheme for tea farmers. Initially the bank will offer around 1000 credit cards. Further, the bank will provide loan up to Rs 50,000 at 7 per cent interest rate. The bank’s total exposure to tea sector will be around Rs 300 crore.
Meanwhile, the bank is also planning to open 500 outlets in the northeast part of country by end of this year. This will contain 200 ultra small branches, 200 ATMS and 100 branches. For that the bank will hire around 500 people in clerical grade from Northeast region.
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.
The bank’s net profit for the Q4FY13 rose by 2.09% at Rs 789.38 crore as compared to Rs 773.19 crore for the Q4FY12. Its total income has increased by 15.41% to Rs 7500.59 crore for the quarter from Rs 6498.79 crore for the corresponding quarter of the previous year.
