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Our Bureau

Hyderabad May 21 As part of its strategy to reach the trading community, Union Bank of India is targeting to open over 800 Union Classic Current Accounts (UCCA) in the Hyderabad region over next two months.

The recently launched UCCA offers a wide range of benefits for the customers, including all-in-one fund transfers, issue of Demand Drafts free of charges up to Rs 10 lakh to Rs 50 lakh, free cheque collection facility, among others.

"The customers can prefer any of the four categories of UCCA. We are confident that these accounts will be received well in Hyderabad," Mr C. Abraham, Deputy General Manager, Union Bank of India, Hyderabad Division, told newspersons here on Monday.

Performance in AP

On the bank's performance in the State, Mr Abraham said the total business in Andhra Pradesh had grown 15 per cent to Rs 6,397 crore in the fiscal year 2006-07 compared to Rs 5,565 crore in the previous fiscal. The deposits had increased 17 per cent to Rs 2,850 crore from Rs 2,341 crore in 2005-06 while the advances had gone up 13 per cent to Rs 3,135 crore. In the current fiscal, Union Bank would add four more branches to its existing network of 24 in the city besides a branch in Karimnagar, he said. In addition, 10 new ATMs would be opened in Hyderabad region, he said.

The bank is currently implementing financial inclusion in Warangal District. "Soon, we will also begin work in Karimnagar," Mr Abraham added.

In the financial year 2006-07, Union Bank of India's total business was at Rs 1,488,38 crore. The deposits grew by 14.9 per cent to Rs 85,180 crore while advances increased 16.5 per cent to Rs 63,658 crore, he added.

More Stories on : Public Sector Banks | Andhra Pradesh

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