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Paul Noronha

Faster transfer: Mr T. Y. Prabhu (left), Executive Director, Union Bank of India, and Mr S. Govindan, General Manager, at a press conference in Mumbai on Tuesday. –

Our Bureau

Mumbai, Aug. 12 Union Bank of India, the fifth largest public sector bank, on Tuesday launched two services.

These services, which are expected to enable faster transfer of funds, are Online National Electronic Fund Transfer (NEFT) and Quick Collection of Cheques (QCC).

NEFT service would help the bank’s customers transfer funds to other branches and to over 47,000 NEFT-enabled branches of other banks for free.

The features of this service include no upper or lower ceiling for transfer of funds, online help for IFSC codes of branches of other banks and confirmation of funds transfer through SMS and email, said Mr T.Y. Prabhu, Executive Director, Union Bank.

Under QCC, customers would be able to get their money credited to their accounts within six days of depositing outstation cheques.

The bank would also provide compensation to the customer in case of delay beyond the prescribed time frame.

This service would be available to all customers for all their outstation cheques payable and drawn on centres where Union Bank of India has a branch.

Regarding raising tier-II capital, Mr Prabhu said the bank has headroom for raising Rs 3,000 crore but had not yet decided on the amount to be raised. He said the bank had an option of raising it either in foreign currency or in rupee as it had opened its first overseas branch in Hong Kong on August 1.

Mr Prabhu said the bank is targeting a current and savings account deposit to total deposits of 36 per cent by the end of this fiscal.

, the bank has added close to 85,000 no-frills accounts and a total of 1,10,000 savings accounts in the previous fiscal.

The bank also said it was ready to offer mobile banking services to customers and was waiting for the final guidelines by the Reserve Bank of India. The bank has applied for opening 500 branches and is awaiting approval.

More Stories on : New Products & Services | Public Sector Banks

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