UBI accomplishes mission one million

By Staff
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Google Oneindia News

Kolkata, Aug 31 (UNI) The city based United Bank of India(UBI) today became the first publc sector bank in the country to acquire ten lakh new Savings Bank Accounts in a year.

To mark the occasion the Bank felicitated 83 of its top achievers at Regional and Branch levels for their successful performance under "Misson One Million" at a function this morning.

Speaking on the occasion, Special Secretary (Finanacial sector) Union Finance ministry Vinod Rai applauded UBI's efforts to reach out the poorer sections of the society through several time bound initiatives taken for Financial Inclusion of the Bank.

He noted that the new one million Savings Bank Account holders comprised a wide spectrum of the society including Bidi workers, small and marginal farmers, labourers in unorganised sectors, colliery workers, small traders, weavers, artisans, Self-Help Groups, students and various other segments.

UBI Chairman and Managing Director P K Gupta in his address informed that the "Mission One Million" was conceived in a bid to expand the bank's clientele base which in turn would help incresase the business volume of the bank.

"The mission has helped in mobilising about Rs 1500 crore of Savings Bank deposits thereby increasing the share of low cost deposit and bringing down the cost of funds", he said adding that in today's competitive environment clientele expansion was an absolute necessity for growth of business.

He said the bank has plans to expand its footprint in North and Central India by opening 50 new branches for which it had already received approval from RBI.

The bank had also gone for lateral recruitment in specialised disciplines such as Information Technology, Risk Management, Marketing and Human Resouces Development.On IT front, the Bank was already in the process of rolling out Core Banking Solution and Virtual Private Network.

Sunanda Lahiri, Executive Director of the Bank, was also present.

UNI ABA JYN RN1721

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