Union Bank of India, one of the largest public sector banks of India, has unveiled plans to launch 100 digital branches in 2015.
Union Bank of India chairman and managing director Arun Tiwari said: "We think we will have a minimum of 100 digital branches by the year-end. And we are capable of doing that because we have a strong technology back-end and we have managed to digitise the entire process."
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The lender has also launched various digital initiatives, including the immediate payment service (IMPS).
IMPS will be offered through the bank’s branches for its retail and corporate customers by integrating the platform to its core banking solution.
The service will enable customers to instantly transfer funds to any account from the branch, with a daily limit set at INR200,000 ($3,151).
The lender has also launched the digital passbook or M-passbook feature to allow customers view account statement on mobile.
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By GlobalDataAmong the other digital initiatives launched by the bank include a missed call facility to enable customers know their account balance, and an SMS facility to help customers access value added services such as blocking debit card, balance enquiry and enable or disable user id of internet banking.
Customers will also be allowed to download the bank’s mobile banking app through the missed call facility.
The bank has also unveiled plans to launch NFC (near field communication)- enabled contactless debit cards, and mobile wallets.
