India’s Top 500 Companies 2019

INDIA’S TOP 500 COMPANIES 2019 109 Experts’ View to each Bank Mitr and for greater transparency, and to reduce TAT, it is paid through the Escrow Mechanism. 9 9 We have incentivized BCs working in NE states, LWE districts and difficult terrain to ensure 100% activation of the BCs. 9 9 As per RBI directives, we have a robust grievance mechanism to address complaints (FICS). 9 9 The Bank introduced monthly Financial Literacy Programme through all Rural/Semi-Urban Branches, 30 FLCs and 14 LDMs with special emphasis on promotion of Digital & Cashless India initiatives, UPI, BHIM, USSD especially for five categories - Farmers, School children, SMEs, SHGs and Senior Citizens. 9 9 The Bank undertook five Aspirational Districts for 100% coverage under PMJDY, PMJJBY & PMSBY in Khagaria (Bihar), Dantewada & Kondagaon (Chhattisgarh), Nandurbar (Maharashtra), Chandauli (Uttar Pradesh) in addition to our 14 Lead Districts under the Extended Gram Swaraj Abhiyan - the basic motto is to have “each one” covered under Banking instead of the earlier concept of family coverage for Banking & Financial Services. 9 9 Online enrollment of micro Insurance like PMJJBY, PMSBY and APY through BC channel. Union Bank’s performance under Atal Pension Yojana is outstanding for the year 2018-19 with more than 1.71 lac enrolments during the year with several Awards received from PFRDA. 9 9 Instant Account opening facility at BC points for the customers through eKYC platform is introduced afresh. 9 9 Union Bank has Mobile ATMs/ Vans operating in our Lead Districts and catering doorstep services to hinterland- especially for Senior Citizens & Physically Challenged ones. 9 9 Union Bank of India has set up 429 Aadhaar Seva Kendras pan-India during Financial Year 2017-18 and received 1st rank award from UIDAI. Prior to Bank introduced Aadhaar on Wheel Services for senior citizens & physically challenged- first of its kind among all Banks. 9 9 Bank trained 10411 people through RSETI for their gainful employment opportunities. 9 9 Automation of PMJDY Overdraft Facility: PMJDY overdraft application and sanction automated through ATM, SMS and BC channel and no manual intervention is required. 9 9 We have all Bank Mitrs logged in on a daily basis through Aadhaar system. What role do you see banking technology play in the growth journey of your company over the next few years? Any banking and financial organization needs to excel in three fields to be a market leader - Technology, Policy Infrastructure and Market innovation. The Bank has provided complete Digital Access to the dimensions of financial inclusion and all formal financial services. It remains a game changer for unserved and underserved low income households. Technology can only permit low cost delivery. To manage a large number of small accounts involves a cost, and cannot be managed freely over a period of time. It will also be counterproductive if not supported by a strong and emerging technology. Interoperable micro ATMs, effective IMPS, robust IT infrastructure, geographic penetration of connectivity throughout for going completely digital for a “Digital India” concept are the primary factors to be addressed. We expect technology would assist transactions supported by cardless Aadhar Enabled Payments, and with voice recognition software without GPRS support while using basic cell phones. Further, the concerted efforts of the Government for a digital India will obviously boost mobile technology by enabling the vulnerable and low income segments to operate Mobile Banking successfully for a proven Inclusive banking. The introduction of Payment & Small Finance Banks poses a real challenge to banks and can have a direct bearing on their Balance Sheets. Banks have to now really look at the aspect of product differentiation and efficient delivery of its services - mostly possible through latest technology and a young work force. Moreover, we are building our people‘s capabilities in terms of knowledge, skills and technological support to serve customers with responsibility. There are interventions in making processes efficient and people accountable. The Bank has been vibrant with initiatives in Digital Banking. The Bank regularly Comes up with new products with unique features. Our focus this year will be on speedily scaling-up the usage of digital channels, viz. U-Mobile, Internet Banking, PoS and ATMs, etc. Internally, the focus would be on leveraging digital through business analytics, performance monitoring, and so on. In Vision 2020, we all aspired to become the most preferred bank of the people by operationalising new designs in Verticalisation, Centralisation and Specialisation, apart from enhancing Digitization, Recovery and Customer Connect. How do you think the banking sector will evolve over the next few years? Over the next few years, the expectations and perspectives of customers will change rapidly, and much faster than technology. Customers will hardly visit branches. Most of the unviable and lesser functional branches will be closed. Many branches will be merged and may also work as advisory hubs. Dun & Bradstreet