Date:06/11/2009 URL: http://www.thehindubusinessline.com/2009/11/06/stories/2009110651430600.htm

Back Corporation Bank sees 50% rise in non-interest income

Our Bureau

Mumbai, Nov. 5 Corporation Bank is eyeing a 50 per cent jump in non-interest income in FY10 on the back of recently launched products and services such as supply chain management financing, government business (tax collection), and loan syndication. The bank, according to its CMD, Mr J.M. Garg, is expecting to earn Rs 650 crore by way of non-interest income in FY2010 as against Rs 438 crore in FY2009. Corporation Bank is marketing its recurring deposit (RD) scheme, which was launched about three months ago, in a big way to garner long-term resources of 5-10 years duration.

Mr Garg said the bank has mobilised Rs 110 crore every month under the RD scheme.