UBI's new services for exporters, importers

Chennai, Aug 21 (UNI) Union Bank of India (UBI), in its efforts to be the first choice for exporters and importers, was designing products and services to participate in their endeavour to step up the share in World trade, Chairman and Managing Director M V Nair said today.

Talking to newspersons, Mr Nair, who was here to attend the "Bank's Exporters Meet" said India, which had one sixth of the world's population, was able to record only about 1.2 per cent share in world trade and the bank wanted to augment exports in the country.

He said on July seven, the bank offered two new products-Reuters Trading for Foreign Exchange (RTFX) and Reuters Trading for Bullion (RTFB), thus becoming the only public sector bank to become market maker on RTFX and RTFB.

"Participating on the RTFX and RTFB trading platform in conjuction with the deployment of electronic trading pricing engine will empower the Bank's exporter, importer customers to have a platform for hedging and trading in foreign currency", he said.

Mr Nair said the bank had also entered into an agreement with Director General of Foreign Trade (DGFT) to facilitate electronic payment of application fees in case of licensing schemes. "Union Bank of India is one of the few select banks offering e-payment facility for licence fees," he said.

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