UBI to start matketing gold coins in 50 urban branches

Kolkata, Jul 24(UNI) United Bank of India will start marketing gold coins in 50 urban branches and lending against gold in rural markets.

Speaking to mediapersons here today, UBI CMD P K Gupta said,''We have received RBI's approval for gold coin marketing. Our board has also approved scheme for marketing gold coins.'' The bank would also provide credit to the rural masses against gold in rural area, he said.

The bank also embarked upon a huge branch expansion plan. ''We have opened 25 branches in the first quarter, which will be increased to 1350 at the end of this fiscal,'' he said. The bank would upgrade 32 extension counters in the rural market into full-fledged branches.

With the objective of increasing the non-interest income of the bank, UBI would continue to leverage its network for distribution of third party products like bancassurance, mutual funds etc.

Mr Gupta said the bank has taken new initiatives like Cash Management and Depository services, which are at final stages of launch.

''We have already implemented Core Banking Solutions(CBS) in 72 branches till June, 2007. Another 300 branches would be under CBS at the end of this fiscal.'' Mr Gupta said.

Meanwhile, Mr Gupta said the bank would set up a Rural Development&Self-Employment Training Institute in Bengal to extend training to farmers, micro and small entrepreneurs.

UNI