The Hindu Business Line : Union Bank targets 14% rise in deposits

"We are very confident of achieving this targeted growth. With a strong focus on retail banking this year, we hope to further strengthen our presence and set new benchmarks in customer service and technology banking. Our endeavour is to provide our customers with complete financial solutions by continuously increasing our product and services basket combined with a strong technology platform," said the release quoting Mr V. Leeladhar, Chairman and Managing Director, Union Bank.

Apart from retail, the bank also expects growth from other sectors such as agriculture, small-scale industries and the tertiary sector. Growth in direct agriculture this year is aimed at approximately 38 per cent.

The recovery of non-performing assets (NPAs) is also an area of particular focus this year. The bank expected to see a reduction of 30 per cent in NPAs during the coming year, said the release.

Through its core banking initiative, Union Bank has networked 151 branches and hopes to extend this to 700 branches by the end of March 2005. Plans are also under way to expand the ATM network to 500 by the end of March 2005.

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