Celebrating 100 Years of Operations: Union Bank of India to host Multiple Eventsby Opinion Express January 3, 2019 0 comments
Established on November 11, 1919, in Mumbai, the Union Bank of India (UBI) has turned 100 years old with over 4,000 branches across the country. In the series of celebratory events in key cities of India, UBI hosted the first event in Mumbai on November 11, where the who’s who of the banking sector marked their presence along with key stakeholders of the government including the Union Minister of Finance Arun Jaitley, the Minister of State for Finance Shiv Pratap Shukla and the Chief Minister of Maharashtra Devendra Fadnavis.
A cultural evening was hosted in the capital recently, where the managing director and the chief executive officer of UBI Rajkiran Rai G and the executive director of UBI Raj Kamal Verma, attended as the guests of honour. The event also saw the presence of the general manager of Delhi Zone Sanjay Sharma along with the regional heads of the Delhi Zone. The executive director of UBI Gopal Singh Gusain, said, “These events are not just for the customers but also the employees and their families, who have been an integral part of the organisation and have contributed to its growth over the years.”
According to Gusain, UBI is in a unique position in the banking sector and the organisation is playing its role very effectively. “At a time where banks are taking about capital deficit and PCA norms, we are self-sufficient and have been growing. In fact, recently, there was a crisis in the non-banking finance sector (NBFC) and UBI came out with strong support to the sector. It is important to note that UBI is one of the banks in the public sector undertaking (PSU) space which has an availability of growth capital. We do not need any support from the government. Of course, government capital is needed in the sector but the bank in itself has become self-sufficient to grow,” said Gusain.
UBI has well-positioned itself in the market by introducing some key structural changes a year ago. Gusain informed that the bank adopted the hub-and-spoke model and made separate verticals like the large corporate segment and the mid-corporate segment, introduced the delivery system called—SARAL (Systematic Appraisal and Risk Assessment of Loan), the Union Loan Point for retail and the Union Samruddhi Kendras for agricultural loans, which has made the banking services easy, fast and hassle free. “It is now a one-point contact system as we have centralised the system of processing for efficient and standardised delivery. Most of the mid-corporate sector doesn’t require exotic products or structured financing as in the case of the large corporate sector. This sector depends largely on the plain, vanilla products, but the problem has been the efficient delivery of services and a banking system which understands their needs well,” he added.
The executive director also stressed that he believes that the Indian economy is about to take off now, that all the structural changes that were brought in like demonetisation and GST, which have settled down and have been streamlined. “Those banks that have the capital to grow and at the same time have a frame to capture the changes of the time will do well. UBI has been resilient and has maintained its position in the times of crisis and has been a fore runner in adopting the changes. We have been flexible in the times of change,” said Gusain.
He further explained the cornerstones of growth in the future and said that the bank has set its plan to be a customer centric organisation which is known for its service; it offers a comprehensive range of products to meet all financial needs of customers and the bank will strive hard to be a top creator of share holder wealth through focus on profitable growth. UBI aims to leverage on technology and its experienced workforce to be a leader in the area of financial inclusion.
Writer: Rajkiran Rai G
Courtesy: The Pioneer