Public sector lender, United Bank of India
(UBI), has selected Indian-headquartered outsourcer Wipro to deploy
Cisco’s wide area network optimisation solution across all of its
branch-network.
According to the lender, the network will help
enable UBI’s vision of providing the benefits of banking to rural
and agricultural economies, and to India’s burgeoning small and
medium-sized enterprise sector.
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Bhaskar Sen, chairman and managing director,
UBI said:
“We are extremely satisfied with the proof of
concept done by Cisco, which resulted in significant benefits at
the remote locations.
“With the final deployment, we are confident
of being able to better communicate and collaborate with our remote
branches, effectively serve our customers with minimal turnaround
time and leverage Cisco’s superior video capabilities to bring down
travel costs.”
UBI posted a net profit of INR5.24bn ($116.2m)
for the 12 months to 31 March, an increase of 62.5%
year-on-year.
Deposits increased by 14.2% year-on-year to
INR778.4bn; UBI had a low-cost deposits ratio of 40.8%. Advances
increased by 26.1% to INR539.3bn.
UBI ended the financial year with a branch
network of 1,597 outlets and plans to open 70 branches in the
current fiscal year.
