Union Bank of India (UBI) is to expand its
3,016-strong-branch network by a further 400 units by next June,
with 100 of the new units to be financial inclusion
outlets.
By the end of the
current fiscal year, UBI will operate 300 financial inclusion
branches.
In the past year, UBI
added an additional 300 ATMs; its total ATM network now total
2,673.
By next June, UBI will
almost double its ATM network to around 5,000 units.
In the year to June, UBI
customer transactions via alternative channels increased to 52% of
the bank’s total transactions, compared to 36% as of June
2010.
In March, UBI rolled out a
mobile banking service, dubbed ‘Union Bank Money powered by
Nokia’ across India.
As part of its strategy to
target the unbanked segment by increasing its investment in
financial inclusion, UBI is aiming to bring banking services to
over 10m customers across 32,000 villages by 2013.