United Bank of India to open 600 new branches

Chennai, Apr 6: United Bank of India (UBI) has chalked out a new plan to open about 600 branches across India in order to improve its network.

Talking to reporters here today, UBI General Manager P Y Nagar said ''we also plan to recruit 4,000 people in the next five years.'' He said the UBI had worked out plans for overseas expansion, including opening of its first-ever branch abroad in Hong Kong by this May and two other branches in the Gulf region soon.

"The branch in Hong Kong will become operational by May this year,'' he added.

Mr Nagar also disclosed that the bank would also launch a new scheme - 'M-Pay' (transfer of funds through mobile) this month end.

''After launching 'M-Pay' scheme, people could operate their respective accounts, including transfer of funds, through mobile phones,'' he pointed out.

He informed that the proposed centralised 'Back Office' processing would be completed at 20 centres by June 2008 providing superior customer service.

Mr Nagar said the bank would launch two new loan product scheme this new fiscal.

''Apart from this new launch, the bank also planned to adopt 100 villages across the country to launch various initiatives that would benefit students,'' he said ''we will adopt some schools in each villages, where select students will be given scholarships for higher studies.''

UNI