Public sector lender Union Bank of India is gearing ambitions to become the top most lender amongst nationalised banks in terms of domestic operations by the year 2020. All employees have been urged to strive hard to achieve this target by CMD of the bank, Mr M V Nair.
Emphasizing on the need for financial inclusion, he said, "Even now, fifty per cent of the population is out of the fold of the banking system and therefore our prime endeavour should be financial inclusion. Union Bank has adopted the Business Correspondent model recommended by the RBI and appointed many BCs in the villages, but that is not enough. Bankers should go to villages."
Union Bank of India has adopted the banks of future model, he said.
"At present we have three such branches in Mumbai and by October the number will grow to 50. In next one or two years, all urban branches of the bank in the country will be banks of the future. The essence of such a model is that once the customer enters the bank, he himself should be able to perform 90 per cent of the operations and the bank employee will carry out only the remaining 10 per cent. By adopting the right technologies and training the bank personnel, it should be possible," he explained.