Union Bank eyes export credit turnover of Rs 24,980 cr

Kolkata, Aug 31 (UNI) Union Bank of India has planned to expand its business and fixed to make an export credit turnover of Rs 24,980 crore in this fiscal.

The public sector bank is aiming at import turnover of Rs 14,535 crore and remittances turnover of Rs 10,504 crore, according to General Manager, International Business Division, Bhaskar Sen.

He said the bank has decided to open 100 new branches across the country in the current financial year under its expansion plan.

The bank's business in West Bengal stood at Rs 4,001 crore, while the credit-deposit ratio was 66 per cent, he said adding that the bank intends to open 13 branches in West Bengal.

Mr Sen said the bank would also install 25 automated teller machines (ATMs), three retail marts and five village knowledge centres during the current fiscal.

Currently, the bank has 800 branches and extension counters on the core banking network.

Mr Sen said the bank has tied up with Director General of Foreign Trade for facilitating electronic payments of application fees in case of licensing schemes. The bank also offered two new platforms, Reuters Trading for Forex and Reuters Trading for Bullion to its customers.

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