The Hindu Business Line : Union Bank plans to open 40 new branches in AP

Hyderabad, March 16 Union Bank of India is planning to open 40 new branches and 100 ATMs in Andhra Pradesh during the next financial year 2008-09. The bank currently operates 152 branches in the State.

The bank will also focus more on small and medium sector (SME) lending in Andhra Pradesh, Mr M.V. Nair, Chairman and Managing Director, Union Bank of India, told presspersons here on Saturday.

``Our SME portfolio in the State is at Rs 650 crore. We will focus more on this segment and intend to open 12 Saral centres for facilitating easy credit to SMEs,” Mr Nair said.

Rural banking

Another priority area for the Mumbai-based bank is rural banking. “More than 50 per cent of our branches in Andhra Pradesh are in rural and semi-urban areas. Our agri-credit here is over Rs 10,250 crore. We will leverage technology to improve our reach and customer service in the rural markets,” he said. The bank would be scaling up its biometric cards to improve services to the self-help groups (SHGs) and the beneficiaries of National Rural Employment Guarantee Scheme (NREGS).

“So, for 89,000 NREGS beneficiaries are enrolled for biometric card-based banking services in the State and the number will further go up by the next year-end,” Mr Nair said.

Currently, Union Bank has taken up the responsibility of disbursement of social security pension and NREGS wages in six districts, Warangal, Karimnagar, Medak, Mahbubnagar, Chittoor and East Godavari using biometric smart cards.

Using hand-held devices, the bank’s business facilitators and business correspondents will call at the place of work or residence of the individual and enable them to draw or deposit cash.

“This offers the customer the advantage of availing themselves of bank facilities without visiting the branch and without taking time off from his daily work,” the Chairman said.

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