CUB, now with a combined business of around \u20b91.20 trillion, is one of the oldest private banks in India with a track record of serving both rural and urban folks.\u00a0 It reported 16 per cent growth in its net profit for the first quarter of the current financial year. \u00a0<\/strong><\/p>\n\n\n\n

On September 2, 2025, City Union Bank (CUB) celebrated its 120 Foundation Day, inaugurated by the President of India, Smt Droupadi Murmu. Originally from the southernmost part of India, CUB has established a presence in 16 States through 876 branches serving SMEs, farmers and traders among other classes of customers.   <\/p>\n\n\n\n

The banking industry plays a pivotal role in India\u2019s growth story, said Smt Droupadi Murmu. \u201cIn a dynamic economic landscape, the aspirations of people have expanded in a major way. The role of banks has expanded beyond financial transactions. They are also instrumental for inclusive and sustainable development,\u201d she said while inaugurating the 120^{th<\/sup> Foundation Day of City Union Bank. <\/p>\n\n\n\n}

The banking industry is one of the critical pillars of the country\u2019s development, is financial inclusion, which means ensuring that every citizen has access to affordable financial services. \u201cBanks like City Union Bank help meet the national target of saturation in the area of financial inclusion through banking,\u201d she pointed out. She noted that City Union Bank made remarkable progress in financial inclusion.<\/p>\n\n\n\n

Fintech companies are offering user-friendly mobile apps, microloans, and insurance products tailored for underserved communities. Payment banks, digital wallets, and banking correspondents have taken financial services to the doorsteps of remote villages. She stated that despite progress in this area, several challenges are still faced in terms of digital literacy, internet access, and financial awareness. With the combined efforts of all stakeholders, people can be better integrated with banking services through technology and digital and financial literacy.<\/p>\n\n\n\n

The empowerment of farmers and the rural economy should be a priority of the banking sector. By extending timely and affordable credit, offering financial literacy, and supporting agri-tech initiatives, banks can help make agriculture sustainable and profitable. Banks can play an important role in transforming MSMEs into the engines of growth. \u201cOur banks should also take measures to help the underprivileged and marginalised sections. Special efforts should be made for better integrating daily wage earners and migrant labourers with banking services,\u201d she said.<\/p>\n\n\n\n

Know Your Customers <\/strong><\/p>\n\n\n\n

Can know-your-customer, popularly known as KYC, solve the problems faced by banks in terms of risks? KYC is largely a nuisance rather than a process of knowing the existing customer periodically. Aadhaar is sufficient to track a person since every Aadhaar is linked to phone numbers. A phone number is enough to trace a person\u2019s whereabouts and routine movements. These days, health insurers refuse to reimburse a claim if the patient\u2019s phone location is outside the admitting hospital. Thanks to the technology that keeps watch on every person\u2019s movement and habits.  <\/p>\n","protected":false},"excerpt":{"rendered":"

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