Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Money & Banking
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Life Insurance Union Bank to market HDFC Standard Life products Our Bureau
Thiruvananthapuram , Dec. 15 UNION Bank of India (UBI) launched the marketing of life insurance and pension products from HDFC Standard Life in the Thiruvananthapuram Region on Monday. At a function here, Mr P.K. Bansal, Assistant General Manger with the UBI Central Office in Mumbai, handed over a few policies to the assured, out of the 525 policies mobilised by the bank. This is one of the latest in the bank's initiatives in its quest to become a one-stop shop for all financial services, Mr Bansal said. Earlier, the bank had inked an agreement with HDFC Standard Life to market their products. The bank has also signed an agreement with the New India Assurance to market its non-life products. Some 100 marketing officers have since been given mandatory training as required under the IRDA (Insurance Regulatory and Development Authority) approval terms. The bank sees immense potential in the Corporate Insurance Agency to boost its fee-based income, Mr Bansal said. Among the new initiatives from the bank, Mr Bansal listed bullion trading (17,000 kg worth Rs 900 crore in the current financial year), demat services, cash management services, `Union Express' service for NRI customers, utility payment services, distribution of mutual fund products and `Union Suraksha', the insurance cover for customers. The core banking solution will see 250 branches being networked by March next year, and 500 in the following year, Mr Bansal said. The bank hopes to set up 1000 ATMs by March, 2005, he added. NPA recovery: Following the promulgation of the Securitisation Act, the Thiruvananthapuram Region of the bank has served notices to a number of borrowers and has made considerable improvement in the recovery of non-performing assets (NPAs), according to Mr K.R. Pillai, Assistant General Manager.
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