Union Bank of India targets Rs 10,000 crore turnover by 2009

Mangalore, Jan 17 (UNI) To enchance its presence and involve itself in all round growth, the public sector bank-Union Bank of India (UBI) has drawn up an action plan for Karnataka with a target of Rs 10,000 crore turnover business by 2009 from the present business volume of Rs 4500 crore.

The bank's Chairiman and Managaing Director M V Nair said in press conference that the bank which was completing 50 years of service in Karnataka by 2009 had drafted a three year plan under which it would add 50 more branches taking the total to 140 especially in the districts where it do not have its presence.

Reckoning Mangalore, a hub of economic development attractting huge investments, the bank has plans to open four more branches, three in Mangalore and one in Udupi besides, the present business level of Rs 150 crore spread over four branches in Mangalore.

Mr Nair said that it had also planned an additional 17 branches in the geographiocally contiguous districts of Hassan, Chickmagalore, Uttar Kannada and Kodagu districts to take the business turnover to Rs 500 crore by 2010. A business support unit based at Mangalorewould take care of all these 25 branches, he added.

The bank's novel initiative the ''Village knowledge centre'' (VKC) to harness technology to enhance the productvity of the rural population, the banks's officials acting as relationship managers providing inputs on crops, fertilisers, the weather and even market prices not only enabled the farmers to reap rich reward for farmer's efforts but also had lasting impact on ther rural areas, he said.

It had already set up 164 VKCs through which it could form 83113 self help groups (SHGs) across the country crossing the target of 75,000 SHGs set for December, he said.

Mr Nair said the bank had also set up financial education centres, Union Mitra in 51 locations in the country with an aim to bring financial literacy to farmers, weaker sections and others through a process of credit counselling.

UNI