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G. Naga Sridhar

Hyderabad, March 17 Union Bank of India has readied a reverse mortgage loan product which will be launched in couple of weeks, according to Mr M.V. Nair, Chairman and Managing Director, Union Bank of India.

“The tax concessions extended to reserve mortgage products in the Union Budget 2008-09 have made the product an attractive offering. We see good scope for business in this segment,” Mr Nair told Business Line here. “All other details of the product can be known when we launch the product in next 15 days,” he said.

The bank, which has recently centralised its retail assets processing by setting by 32 retail assets centres across the country, would give top priority to retail lending followed by Small and Medium Sector (SME) and rural business in the next financial year

“In 2008-09, we are targeting at 30 per cent overall growth in business, including retail portfolio. The idea behind centralising retail advances processing is to speed up the process to be ahead of the competition,” he said.

In the SME sector, the bank has taken steps to reduce the turnaround time in loan sanctioning to 15 days. It has identified 138 branches across the country to aggressively lend to SMEs. “In addition, we are setting up SME SARAL centres in select places,” Mr Nair said.

To facilitate the expansion, Union Bank would recruit 4,000 in the next financial year, he added.

On the technology front, the bank which recently introduced SMS alert system, will be introducing a SMS-based payment system, the CMD said.

More Stories on : Mortgage | Public Sector Banks | Housing Finance

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