Union Bank plans to open 100 new branches this year

Mumbai: Union Bank of India (UBI) plans to open 100 new branches in the country, chairman and managing director M V Nair told reporters in Varanasi.

Nair said the bank has targeted business of Rs 160,000 crore in the current financial year 2006-07.

He said the bank proposes to set up nine branches in Varanasi as the bank accelerates the pace of business. At present, UBI has 2,084 branches in the country.

"The bank has recently launched the scheme of 'General Credit Card' having a limit of Rs 25,000 for rural customers throughout the country. UBI has 560 ATMs in the country, which would go up to 1,000 in the current financial," Nair said.

UBI, he said, would cover its 1,200 branches throughout the country with core banking network by March 2007.

Nair said the bank has an agreement with the State Bank of India (SBI) under which the UBI ATM card holders would be able to utilise 5,500 ATMs of SBI in the country.