At a time when retrenchment has almost become synonymous with financial companies, state-run Union Bank of India is looking to hire 5,000 people at different levels to support its branch expansion plans.
The bank has recently received the Reserve Bank of India’s (RBI’s) approval to open 539 new branches by the end of March 2009.
“We are looking to hire 5,000 people, of which 4,000 will be recruited as officers. Most of them would be posted at the new branches,” said Union Bank Chairman and Managing Director, MV Nair.
Currently, the bank has about 2,600 branches.
The new branches would span the country, particularly in those districts where the bank currently has no presence. “We have identified 110 districts where we do not have a branch. Follwoing that, we are going to cover 60 cities, identified as growth centres by the Urban Renewal Mission and the remaining 50 per cent of the new branches would cover the unbanked areas,” Nair added.
Nair also said the bank will add about 1,000 automated teller machines (ATMs) to the existing 1,500 ones by the turn of the financial year.
The bank on Friday launched its mobile banking service, U-mobile, for its customers.
To begin with, U-mobile would include fund transfers up to Rs 5,000 a day, between two registered customers of the bank, balance enquiry and mini statements providing the last nine transactions.
“This is in line with our strategy to enable 25 per cent of our business through alternate channels by the end of 2008-09, from 16.5 per cent at present,” Nair said while addressing the media.
Meanwhile, the CMD added that the bank is planning to restructure its credit card business in the next financial year. The credit card base of bank is likely to touch 65,000 by the end of March, 2008. At present the bank has 28,000 credit card users, of which around 60 per cent are active.
