India’s Top 500 Companies 2019

INDIA’S TOP 500 COMPANIES 2019 108 Experts’ View Union Bank of India Kindly share with us the Union Bank of India’s journey since inception. Union Bank of India has now entered into 100 eventful years of service. Since the time the new premises of the Bank at Apollo Street was opened by the Father of Nation, Mahatma Gandhi in 1921, the Bank has been fulfilling the ideals and teachings of the Mahatma. Following the ideals and teachings of the Mahatma and his idea of POORNA SWARAJ, Union Bank’s financial inclusion efforts are directed at elevating people from poverty to prosperity. With the passage of time, the Bank has achieved many milestones; today, the Bank has a presence all over India through more than 4,300 branches and 7,000 Business Correspondence (BC) outlets. The Bank is in the process of achieving GRAMYA SWARAJ on the lines of POORNA SWARAJ that the country had envisioned 100 years ago. Our Financial Inclusion efforts, which began with offline banking models, now involves a robust online Bank Mitr network with a presence in more than 7,000 locations pan-India. These Bank Mitrs are working at par with our branch banking, and providing all basic banking facilities on a real time basis. Further, on the road of inclusion, our innovative Union Samriddhi Kendra (RUSU model) is expanding financial inclusion by credit sourcing through the Bank Mitr channel. The Bank has revamped its credit delivery structure at Rural & Semi Urban branches through a complete digitized flow of loan proposals under the RUSU model (Rural and Semi Urban) to accelerate the credit flows of the Retail, Agri & MSME sectors in Rural and Semi Urban Areas. Forbetter customerexperience, alongwith near door-step services, the Bank has also provided new age Digital Channels such as m-PoS and AePS through Union Digi- Cash Points and Business Correspondents. Business Correspondents are catering to the needs of customers by generating leads pertaining to various loan schemes, such as Bhumihin KCC or small allied activity loans. For easy access to credit to the MSME sector, Union Bank of India has provided a facility to apply online for Mudra Loan through Mobile Banking and e-Banking. What strategy has your bank adopted for sustained growth over the past 4-5 years? Union Bank of India’s human capital, technology and ability to use various methods of delivering customer services differently vis-a-vis its peers has strengthened its brand equity during recent decades. The Bank has a strong distribution reach, with 4,300+ branches, 7,500+ ATMs, 7,000+ Micro ATMs manned by Business correspondents and 100+ processing centers (SARALs & ULPs). The Bank is widely admired for its technological capabilities, customer service, and employee engagement initiatives. We have adopted various strategies for sustained growth over the past 4-5 years, especially with respect to financial inclusion: 9 9 Union Bank of India has a huge network of 7,000 Bank Mitrs providing access and usage of Banking and Financial services to customers of unserved & underserved ones and unpenetrated areas in more than 22,000 villages Pan-India. 9 9 The Bank hasmotivated and promoted SHG members and Anganwadi/Asha workers to work as Bank Sakhis. 9 9 BankMitrs are trained through various Forums like Spot Training, Conclaves, Regional Meets for facilitating credit, insurance, pension and loan recovery process including joining financial/ digital literacy camps/drives for vulnerable groups. Our Bank Mitrs are IIBF certified (85%). 9 9 We have formulated our remuneration mechanism as per Government guidelines to ensure average monthly remuneration of more than ` 5,000 P C PANIGRAHI General Manager, Financial Inclusion Department Dun & Bradstreet