Union Bank of India is planning to open about 50 retail boutiques (kiosks) in the current financial year in metros and urban centres to push retail loans. |
The boutiques, which will be located offsite, are being established with a view to grow the retail credit portfolio by 30 per cent in fiscal year 2004-05. |
The kiosks will have automated teller machines to withdraw as well as deposit cash; accept cheques for clearance; market retail products "" housing/consumer/vehicle/personal loans; open current and savings accounts; make investment in mutual funds; buy insurance policy; and balance enquiry. |
"The kiosks are aimed at giving the bank a wider coverage and visibility," said V Leeladhar, chairman and managing director of the bank. |
Union Bank's retail portfolio had increased by 23 per cent from Rs 5,085 crore in fiscal year 2002-03 to Rs 6,244 crore in fiscal year 2003-04, Leeladhar added. |
"The kiosks will be located at commercial complexes, shopping malls, areas where big-time construction is taking place and other business centres. Each kiosk will have a lounge where three marketing officers will be making their sales pitch," said VSR Murthy, general manager (retail banking). |
Meanwhile, Union Bank of India today launched its web-based remittance service. By logging on to the bank's website, non-resident Indians (NRIs) in the US can send money directly out of their bank account to any beneficiary in India. |