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Union Bank of India is aiming to achieve a business of ₹50,000 crore from its mid-corporate vertical (MCV) in the current fiscal, according to Rajkiran Rai G, Managing Director and Chief Executive Officer of the bank.
Speaking to mediapersons on the sidelines of the inauguration of the 24th mid-corporate branch of the bank in the country, in Mangaluru, on Monday, he said the bank’s MCV has a business of around ₹36,000 crore now. The share of MCV portfolio comprises 4 per cent of the total domestic advances portfolio of the bank.
Started on April 19, 2018, MCV has 24 mid-corporate branches. The bank is targeting a business of ₹50,000 crore from this vertical in the current financial year, he said.
Stating that mid-corporates provide positive impetus to the economic growth of the country, Rai said Union Bank of India’s MCV handles credit proposals exceeding ₹50 crore and up to ₹150 crore.
The establishment of mid-corporate branches will help in faster delivery of credit to the mid-corporate segment due to the reduction in the number of layers in the bank. The proposals will move from the mid-corporate branch to the central office directly, he said.
The mid-corporate branch in Mangaluru, which has been set up to provide credit facilities to mid-corporates under one roof, has an advances portfolio of ₹362.22 crore, and another ₹124.17 crore is expected by the end of December.
The branch will also meet the credit requirements of international business such as imports and exports, he added.
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