Union bank of India is expecting a rise of 12% in its business in the current fiscal year. Last year the turnover of the bank was Rs 5.32 lakh crore, this year bank is expecting to have more. On the other hand the Chairman of the bank reported that the Rising NPAs of the bank are a serious cause of concern.
The NPAs of the bank have increased from Rs 6,313.83 crore in 2012-13 to Rs 9,563.72 crore. The improvement in the economy may help the bank to bring down the NPAs. The bank is participating in various financial inclusion plan and is working for the social upliftment of the society. The bank provided financial assistance of R125 crore to more than 3,617 borrowers, he said.
Further it has been also reported that bank is planning to expand its network and establish it branches in rural areas as well. By the end of march 2015, bank wanted to have nearly 600 branches.