UBI revises annual business target to Rs 60,000 crores by March

Kolkata, Jan 19 (UNI) Encouraged by the current all round performances, the United Bank of India(UBI)plans to revise its annual business target to Rs 60,000 crores by March 2007 from Rs 55,000 crores set earlier.

Stating this while launching the "Unted Swasthya Suraksha Yojona",a health insurance plan jointly with the Allianz-Bajaj here today,UBI Chairman and Managing Director P K Gupta said during the first nine months of the current fiscal UBI employees secured business worth more than Rs 9,000 crores to reach the overall business figure of Rs 54,000 crores by December 31, which was only about Rs 1,000 crores less than the targetted figure for the whole of the current financial year.

Keeping this in mind, Mr Gupta said,the bank was actively contemplating to revise its previous achievable target from Rs 55,000 crores by March 31 to Rs 60,000 crores during the same period.

"If achieved, this would set a new benchmark in the Indian banking industry towards reaching beyond the set target,"Mr Gupta emphasised.

Referring to the bank's superlative performance also in insurance business after it joined hand with leading private player like Allianz Bajaj in general insurance sector about a year ago,the UBI CMD said during April to September the premium income grew by 224 per cent compared to that of the corresponding period last year.Similarly in terms of the growth of life insurance business it grew by at least 200 per cent from the corresponding period of last year.

"In order to keep up the momentum of growth we have decided to get at least five new policies in each of UBI's 1319 branches across the country every year thereby taking their total number to about 78,000 policies per annum on all India basis,"Mr Gupta announced.

Alliaz Bajaj Chief Exectutive Officer Kamesh Goel hailed the company's fruitful relations with the UBI and said the new policy would be linked to as many 1500 leading hospitals and nursing homes across the country to provide cashless benefits for a wide range of ailments.

UNI