A recent press report said that Corporation Bank has opened its branches at Tundla and Usaini in Firozabad district of Uttar Pradesh recently. The branch was opened by Mr. Ramnath Pradeep, Chairman and Managing Director of the bank. The branches come under Meerut zone of the bank consisting of branches in Uttarakand and some districts from Uttar Pradesh. The total business of the zone stood at Rs 1,000 crore at the end of March 31.
Earlier the bank had said that it has planned to focus on direct lending to farmers during the current financial year. Mr. Ramnath Pradeep told the press that the bank will substantially improve lending to agriculture this year in order to save significant amount which is required to be deposited with Nabard (National Bank for Agriculture and Rural Development).
The country’s largest public sector bank offering loans such as home loan, personal loan, educational loan, vehicle loan etc is under the inspection of the RBI due to the complaints regarding its irregularities in loan sanctions and appointments.
Reports said that the RBI inspection team has started checking the bank’s loan accounts and the tender issued for appointment of information technology (IT) consultant which the Central Vigilance Commission team too had inquired about.