Financial Daily from THE HINDU group of publications
Friday, Sep 19, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 19, 2003 |
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Money & Banking
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Public Sector Banks UBI eyes Rs 1 lakh crore topline Our Bureau
Mr V. Leeladhar, Chairman and Managing Director, Union Bank of India, steering a Ford car in Hyderabad on Thursday. To his left is Mr David Friedman, Managing Director of Ford India. — A. Roy Chowdhury
Hyderabad , Sept. 18 EYEING a topline of Rs 1 lakh crore by next fiscal-end, Union Bank of India (UBI), the Mumbai-based public sector bank, has chalked out aggressive growth plans to be implemented in various segments of its operations. These include information technology initiatives at an outlay of Rs 150 crore, networking of at least 500 branches, obtaining ISO certification for minimum of 10 per cent of its branch network, expanding the automated teller machines (ATMs) network both by setting up own ATMs and sharing the ATM network of other banks, offering Internet banking and cross selling of financial products such as mutual funds and insurance covers, the UBI Chairman and Managing Director, Mr V. Leeladhar, said. He was addressing presspersons here on Thursday on the eve of announcing an alliance with Ford India for car financing. At present, UBI has 2,013 branches and 119 ATMs spread across the country. It had posted a total business of Rs 72,000 crore during the last fiscal. The bank has earmarked funds to the tune of Rs 150 crore spread over three years for various IT initiatives including implementation of core banking solution in 500 branches by the year-end. Towards this, the bank has tied up with two IT giants - Infosys and Wipro. The bank plans to set up another 130 ATMs over the next one year to take up the total network of ATMs to 250. Having already tied up with banks such as Bank of India, Syndicate Bank, United Bank of India and Indian Bank for sharing their ATM network, the bank now plans to forge similar alliances with three more banks, taking the total shared network to around 1,000 ATMs, Mr Leeladhar said. Stating that the bank was on the threshold of offering Internet banking facility shortly, he said the security architecture as well as hardware was already in place and the bank was awaiting the inspection and approval of RBI shortly.
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