Union Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur took part in a function to mark the 101st Foundation Day of Union Bank of India in Mumbai today (November 11, 2019). Union Finance Secretary, Rajiv Kumar was also present amongst the dignitaries on the occasion. The MoS –Finance and Secretary-Finance also launched three new banking products as part of the function.Congratulating Union Bank of India on completion of 100 years, the Minister stated, the merger of Union Bank with Andhra Bank and Corporation Bank will add to its strength with acquisition of more customers and assets. The Minister said, MSME sector forms the heart of Indian economy and requires more support from banks. The Minister, hence, urged the bank to focus more on lending to MSME sector apart from giving loans to big corporates. The Minister also urged banks to form such HR policies that transfer and other policies do not put employees at unease. Stating that banks have a vital role to play in achieving the target of turning India into a 5 trillion dollar economy, the Minister said, banks must fearlessly take normal business decisions in good faith. He stated, Internal Advisory Committee of PSBs will classify vigilance and no-vigilance cases, while fraud cases involving huge sums will be decided upon by advisory board of banks.
The Minister stated, NBFCs, along with banks, play an important role in reaching out to the poorest people. He said, the trio of Jandhan Yojana, Aadhaar and Mobile penetration has ushered in a big revolution in the country. The Minister said, new innovations and technology disruptions are opening up avenues for new businesses and start-ups are also throwing challenges to big players. He urged the banking sector to look up and gauge upcoming challenges. He said, banks will have to reach out to customers and not expect customer to come to them in future.This apart, the Minister stated, recognition and review of asset quality, resolving and recovering value from stressed accounts as well as recapitalization or infusion of capital have been done by the Government for benefit of banks. He also mentioned, Insolvency & Bankruptcy Code and Economic Offences Bill have benefitted banks.Union Finance Secretary, Shri Rajiv Kumar said, advanced technology and customer satisfaction will be the pillars of banking system in coming days. AI based analysis of customers’ needs will come to rule the banking system.
Union Bank of India launched the following three banking products to commemorate the occasion:
Union Sampurna - for doubling farmers’ income, a comprehensive technology oriented ecosystem for overall development of Rural & Semi-urban area and provide one stop solution for farm sector.
E-Way Bills - Invoice validation service, an important pillar of GST regime. Digital system ensures quality underwriting, speedier disbursements and overall ease of doing business in country.
ATM GEO LOCATOR within its mobile banking app, UMobile, which provides real time status of its ATMs . UMobile user can locate active ATMs within three different distance range, (0-3km), (3-5km) and (5-10km).
Dignitaries present on the occasion included Managing Director & CEO of Union Bank of India -Shri Rajkiran Rai G., Chairman of Union Bank of India –Shri Kewal Handa, MD & CEO of Andhra Bank- Shri J Packiriswamy and MD & CEO of Corporation Bank- Smt P.V.Bharathi. The former MDs, CEOs and heads of the Union Bank of India were felicitated on the occasion. The bank’s magazine ‘Union Dhara’ was also ceremoniously released today.