Vijaya Bank
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Vijaya Bank is a public sector bank, catering to the financial needs of Indians. Its head office is located at Bengaluru (previously known as Bangalore), India. The bank offers a range of products and services, although it specializes in loan and deposit products.[br]
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Vijaya Bank: History
Vijaya Bank was established in the year 1931 in the state of Karnataka, India, by a group of enterprising farmers. The central aim behind the launch of Vijaya Bank was to cultivate banking culture and promote entrepreneurship among local farmers. It was included in the list of scheduled banks in 1958. In the 1960s, several smaller banking units merged with Vijaya Bank to expand the business to a country-wide level. In 1980, the Government of India nationalized the bank due to its wide customer reach, particularly in rural areas.
Vijaya Bank: Business Profile
According to the 2009 data, Vijaya Bank has a presence in all 28 states and four union territories in India. It has a network of over 1,100 branches, 43 extension counters and nearly 400 ATMs. Over 1,000 branches are registered for real time gross settlement (RTGS) and electronic fund transfer system (EFTS).
According to the data for the March 2009 financial year, the bank has a total business grossing over Rs90,000 crores. Net operating profits for the financial year stood at Rs102.25 crore, a rise of nearly 475% from the previous year’s level.[br]
Vijaya Bank: Products and Services
Vijaya Bank has diversified its products and services to include modern banking technology. The product palette of the bank includes:
· Deposits: Apart from traditional savings and current accounts, the bank has specific deposit products for young girls and senior citizens. The VStar savings scheme is the featured product under this category. It offers high interest rates and can be used for loans against deposit.
· Loans: The bank has specific products for individuals, enterprises, the rural population and women. Loans are also available under government schemes, such as Swarna Jayanti Gram Swarozgar Yojana.
· NRI banking: For non-resident Indians (NRIs), the bank offers deposits, loans, remittance and credit card services. It also has specialized foreign exchange branches at all major business centres.
Vijaya Bank has associations with Visa and MasterCard to provide credit card and ATM-cum-debit card services. The bank offers classic, gold and corporate credit cards to customers, based on their credit ratings.
