Droupadi Murmu, president of India; Nirmala Sitharaman, Finance Minister of the Union and N. Kamakodi, MD and CEO, City Union Bank on the 120th year Celeration of City Union Bank, in Chennai on Tuesday (2/9/25) Photo: Bijoy Ghosh | Photocredit: Bijoy Ghosh
The planned roll-out of the GST reforms of the next generation will open the economy further and reduce compliance burden for companies, said Finance Minister Nirmala Sitharaman on Tuesday.
During the 120th annual celebrations of Bank City Union Bank, the FM spoke in the private sector in Chennai. The bank celebrated the milestone in the presence of President of India Droupadi Murmu, TN Gouverneur RN Ravi, FM Nirmala Sitharaman, TN Minister of Social Welfare and Women Empowerment P. Geetha Jevan and other ministers and industrialist.
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As India progresses to its Viksit Bharat 2047 goals, banks should not only support by expanding the credit, but also offering momentum for infrastructure development and timely financing for MSMEs, the FM said.
Droupadi Murmu, president of India; Nirmala Sitharaman, Finance Minister of the Union and N. Kamakodi, MD and CEO, City Union Bank on the 120th year Celeration of City Union Bank, in Chennai on Tuesday (2/9/25) Photo: Bijoy Ghosh | Photocredit: Bijoy Ghosh
The FM emphasized the financial state record of City Union Bank and stated that it has not even posted a year of losses. The sectoral use of the bank with the MSME segment that forms 41 percent of all claims also benefits the economy, she added.
The FM also emphasized the fundamental economic indicators and noted that GDP, inflation and the credit assessment of the Indian economy were all at their best levels. She also drawn attention to the improvement of the activa quality of Indian planned commercial banks. “Their gross NPAs have landed at multi-decadal level LOS points. It is 2.3 percent from March 2025 and the net NPA reached 0.5 percent from March 2025,” she said.
In her speech, the President of India appreciated the commitment and contribution of the management and staff of the city of Union Bank to building Nation in the past 120 years. “CUB also helps the country to achieve its objectives for financial inclusion. I was told that from the total network of branches there is more than 50 percent in rural and semi -urban areas,” she said. She added that banks should do more for the empowerment of the national and farming community.
N Kamakodi, director and CEO of City Union Bank, said that the origin of the bank can be traced to the moment when the entire banking system was under colonist powers. We have completed 120 years with a “uninterrupted track record” of profitability and dividend statement, he said, adding that they have also adapted to today’s digital bank needs.
The event also saw the release of a book entitled “Bank on the Banks of Cauvery” on the inheritance of Cub. The first copy was unveiled by the FM and presented to the president.
CUB today has 887 branches over 22 states. It has more than 40 lakh customers and more than £ 1.20,000 companies.
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Published on 2 September 2025
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