The Hindu Business Line : Union Bank opens retail asset branch at Madurai

Union Bank of India opened its 17th retail asset branch, the second in the State, at Town Hall road, here on Friday. “We have secured 33 licences for opening retail asset branches all over the country. While already one branch has been established at Chennai, one more will be coming up at Coimbatore soon, in the State,” said Mr R. Viswanathan, General Manager, Retail Banking Department, UBI, while speaking to mediapersons after inaugurating the new branch.

Speaking further, he said, these branches function as the centralised processing unit in respect of all retail loans in the respective regions. However, identification of the customer, processing of application and post-dated cheque management are done through outsourcing to enable expeditious processing, quality service and higher consumer satisfaction, he explained.

Stating that the aviation sector held good opportunities, Mr Viswanathan further said that the bank has taken the initiative to advance loans to those who wished to pursue pilot training course since June this year, as there has been dearth of experienced Indian pilots in the country.

Beneficiaries of educational loans are permitted to purchase laptop computers and motor cycles, if become necessary to pursue the course. As of March 2007, in Madurai region, a sum of Rs 17.25 crore has been disbursed to 1,676 students under ‘Union Education Scheme’.

The bank has secured a total business volume of Rs 1,42,000 crore, of which, 21 per cent formed part of retail lending.

The bank has targeted to reach a volume of Rs 1,80,000 crore by the end of March 2008, he mentioned.

Referring to the performance of the bank in respect of retail lending in Madurai region, he said, apart from the educational loan, cumulatively, a sum of Rs 100 crore has been disbursed to 3,070 borrowers for housing under Union Housing Scheme, Rs 85 crore to 1,423 traders under Union Trade Scheme, Rs 6.50 crore to 900 clients for purchase of vehicles and Rs 14 crore under Union Mortgage Scheme.

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