The Kolkata headquartered United Bank of India (UBI) plans to open 84 new branches across the country in the current fiscal year. At present, the bank has presence mostly in north and north eastern states of the country and plans to commence 84 new branches in urban and semi urban centers pan India.
Talking about the bank's expansion plans, the Executive Director of UBI Mr. Deepak Narang said that the bank has already sought RBI's approval for opening 34 branches. He added that RBI's permission for rest of the 50 odd branches will be sought next. Out of these, 20 branches are to be set up in rural areas, for which permission is not needed.
Adding that due to the slow economic conditions and unsatisfactory credit demand, the bank's main focus will remain retail segment Mr. Narang said that loan products like home loans, auto loans, education loans and loans to SMEs could be major growth drivers. He also said that UBI could grow quickly in the home loans segment as the bank's exposure in the said segment is of Rs. 3000 crore as against total bank advances of Rs. 63,000 crore.
Currently, the bank has 26 retail points in all. The bank also plans to set up a representative office in Mynamar, it would be the first Indian bank to open office in Mynamar.