As part of its expansion plans, the Union Bank of India will set up 67 new branches across Maharashtra during the current financial year. The public sector bank will focus on small and medium enterprises (SME) segment for lending purpose in Maharashtra and believes the same would help it generate excellent revenue.
Union Bank of India chairman and managing director MV Nair said this after inaugurating the 2,600th branch of the bank in Vishrantwadi, Pune. Elaborating the bank’s roadmap, Nair said, “We have currently 361 branches in Maharashtra that do business worth Rs 73,444 crore for us. While we have deposits worth Rs 36,000 crore at these branches, the advances stand at Rs 37,410 crore.”
The Union Bank of India wants to focus on the large SME segment that Maharashtra has. Out of the 500 additional new branches it plans to launch across the country this year, 67 would come up in Maharashtra. The bank has 1,899 ATMs nationally and the number would hit 2,500 by March 2010, Nair added.
The bank has already launched cash withdrawal facilities using hand-held devices where in the business-officials appointed by the bank provide transaction facilities at customers’ residence or work place. “We are looking at starting this facility in Maharashtra,” the CMD stated. The Union Bank of India’s total business stood at Rs 2,36,968 crore on March 31, 2009, which reflects a growth of 31.84 per cent over bank’s business during the previous fiscal.
