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UNITED BANK OF INDIA TIES UP WITH EVEREST BANK LIMITED, NEPAL
FOR PROVIDING BANKING SERVICES TO THEIR CUSTOMERS
Sri P. K. Gupta, Chairman & Managing Director, United Bank of India and Sri B. K. Shrestha, Chairman, Everest Bank Limited, a Nepal based joint venture (JV) with Punjab National Bank, signed a Memorandum of Understanding (MOU) to cooperate in banking transactions for the convenience of their respective customers in a glittering ceremony organised at the Head Office of United Bank of India on September 10, 2007. Sri Swapan Biswas, General Manager-Marketing and New Initiatives and other senior officials of United Bank of India and Everest Bank Ltd and representatives from media were also present at the occasion.
Under the agreement, designated branches of United Bank of India can issue Demand Drafts to their customers drawn on various branches of Everest Bank Limited in Nepal. Similarly, the designated branches of Everest Bank Limited can issue Demand Drafts on designated branches of United Bank of India.
Speaking on the occasion, Sri P. K. Gupta, Chairman & Managing Director, United Bank of India informed that the agreement has been signed to provide a safe and efficient remittance facility to the UBI’s large Nepalese customer base in the Eastern and North-Eastern parts of the country, where UBI has unparallel presence. He also said that the services will also be beneficial for the Army and Paramilitary personnel of Nepalese origin, especially those serving in the Gurkha Regiments and Assam Rifles who remit a large portion of their hard earned money to their homes back in Nepal. Sri Gupta also informed that the Bank is in the process of joining the Indo-Nepal ATM sharing arrangement managed by Everest Bank Ltd which will provide the customers of UBI to access over 60 SCT ATMs in Nepal while the customers of EBL will have an access to over 153 ATMs of UBI in India.
In his address, Sri B. K. Shrestha, Chairman, Everest Bank Limited said that although EBL has formal tie-ups with a few banks in India, however, the arrangement with UBI will significantly help the retail and corporate customers of EBL in Nepal on account of large presence of UBI branches in the Eastern and North-Eastern India. He also said that EBL is keen to strengthen the relationship with UBI even further by joining hands in the other areas of banking.
About United Bank of India:
United Bank of India has emerged as a strong and efficient banking organisation over the years and plays an integral role in the socio-economic development of the Eastern and North-Eastern States of the country. The Bank achieved a total business of Rs 59808 Crore as on March 31, 2007 with total deposits of Rs 37167 Crore and total advances of Rs 22641 Crore. The net profit of the Bank had increased by over 30% to reach Rs 267 Crore as on March 31, 2007.United Bank of India has recently introduced De-mat services for its customers and is in the final stages of launching state-of-art integrated Cash Management Services aimed to provide services to the Government, Institutions/Corporates as well as the retail customers.
About Everest Bank Limited:
Everest Bank Limited (EBL), established in 1994, is one of the leading banks in Nepal. It is ranked 2nd by Nepal Rashtra Bank (NRB) as per the ratings in the 5 key areas of bank operations (CAELS rating system). As per provisional accounts of 3rd Quarter of FY 2007/2008 (as on April 13, 2007), the Bank's operating profit was Rs 194.93 million (INR). The Bank's credit recorded a growth of about 31.6% over the last year reaching a figure of Rs 8091.31 million (INR) while the total deposits posted a growth of 36.9% amounting to Rs 1076.32 million (INR). The bank is providing its services through a network of 21 branches across the nation and over 250 correspondents across the globe. Everest Bank Limited is the only Nepalese bank with a representative office in India at New Delhi.
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