Union Bank opens 56 branches in a single day

Mumbai, Jan 2 (UNI) In a first of its kind, the state owned Union Bank of India has opened 56 new branches across the country in a single day.

Announcing this today, a Bank press release said with this -- at one stroke -- the Bank has taken the total number of its branches to 2166. Union Bank has obtained licences from Reserve Bank of India to open 100 new branches in the country.

With the opening of these branches, as many as 86 branches have been opened in this fiscal, the release said. The new branches have been opened at those centers where the Bank does not presently have a physical presence, thus bolstering its pan India presence.

By the end of the financial year the Bank intends to fully utilize all the licences granted by RBI for opening of new branches.

The Bank has been concentrating on organic growth and its network of branches will be supported by ATMs, which will be increased to 1000 by the end of the current year. Of the Bank's 2166 branches, 950 branches are under the CBS network offering anytime anywhere banking covering 78 per cent of the Bank's business. Internet banking and telebanking are offered at all these branches.

UNI