The Hindu Business Line : Union Bank LGs for MCX members

MUMBAI: Union Bank of India has said that it will issue letter of guarantees favouring the Multi-Commodity Exchange of India Ltd (MCX), to its members, on liberal terms.

In a press release the bank said that it would issue guarantees at 25 per cent cash margin and charge only a commission of 1.50 per cent on the LGs as service charges. The bank is tapping the business to increase its fee-based income. Union Bank of India has taken a stake in MCX.

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