Union Bank of India opens its 2955th branch in West Bengal

Berhampur (West Bengal), January 2, 2010 (Calcutta Tube/IBNS) Union Bank of India, a leading public sector bank, on Monday opened its 2955th Branch at Sri Guru Pathshala Sutir Math at West Bengal’s Berhampur town.

Inauguration_United Bank of India
Inauguration_United Bank of India

It was inaugurated by Union Finance Minister Pranab Mukherjee.

M.V. Nair, Chairman & Managing Director, Union Bank of India, Adhir Ranjan Chowdhury, MP, & Mannan Hussain, MP were also present on the occasion.

The Branch will operate with Core Banking facility and offer anywhere banking with best of its products and services to the people of this area.

“We hope to get the second tranche of Rs 1,150 crore as government capitalisation by March. This would help us to increase our tier I capital to 8.37 per cent from 7.9 per cent now,” Union Bank chairman and managing director M V Nair said here, on the sidelines of the launch of a new branch in Murshidabad district.

However, the bank said that in case of a delay in securing this fund, it will opt for tier-II capital funds.

Nair said, “In case, the process is delayed then we have to take help of tier-II capital of around Rs 1000 crore during the year. We have total headroom of Rs4500 crore.”

Union Bank has today on the day of opening of Guru Pathshala Math branch, opened 500 No Frills Account and 500 biometric cards have been issued to these account holders.

The bank has also announced sanctions for need based loans to 110 beneficiaries on Monday.

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