The Hindu Business Line : Union Bank to widen global reach

Hubli May 25 The Union Bank of India Executive Director, Mr R.S. Reddy, has said that the bank will be opening up seven more overseas branches in the current financial year.

Addressing presspersons here on Friday, Mr Reddy said the Reserve Bank of India had given approval for setting up the branches, and the bank had approached the authorities of the respective countries in this regard.

He said the bank would be setting up its overseas branches in Shanghai, Beijing, Xinjiang, Hong Kong, Doha, Dubai and Singapore and accordingly the requisite measures were being taken.

Biometric smart cards

To a query, Mr Reddy said that the bank had introduced the "Biometric Smart Cards" as a pilot project at two places in the country namely Warangal and Varanasi.

These cards are primarily meant for the farmers and based on the project success, the bank has plans to extend the facility to other regions in the country.

To a question, Mr Reddy said that the bank had plans to bring all the 2,200 branches into the core banking network by March 2009. Already 1,100 branches have the core banking facility and the bank plans to extend it to 700 more during the current fiscal.

The bank has set a business target of Rs 1,80,000 crore during the financial year 2007-08. "We plan to register a growth of 23 per cent in the deposits and 25 per cent in the advances segment", he added.

Mr Reddy said the bank had recorded an operating profit of Rs 2,001 crore during 2006-07 and the capital adequacy stood at 12.8 per cent.

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