Kumbakonam-based City Union Bank (CUB) Ltd opened its 280th branch, one of the four branches to be opened on its 108th Foundation Day, October 31, at East Veli street, near Villakkuthoon, in the city, on Monday. Of the three other branches, two have been opened at Chennai – one at Selaiyur and another at Poonthamalli and the other at Neyveli.

Dr N. Kamakodi, Managing Director and Chief Executive Officer of the bank, who inaugurated the branch here , speaking to Business Line , said that the bank had licence to open 62 branches from the RBI this fiscal and all of them have been opened, taking the total number of branches to 283, with the opening of four branches on the Foundation Day. He said that the bank has plans to open 17 more branches and take the total to 300 by the end of this fiscal and these branches would be opened in Tier II – VI towns, for which permission is not necessary as per the recent modifications in licensing effected by the RBI.

He said that the total business of the bank stood at Rs 25,000 crore, comprising of Rs 14,500 crore in deposits and Rs 10,500 crore in advances and 50 per cent of branches have been located in rural and semi-urban areas.