Companies & Sectors
Union Bank of India to open 300 branches, 800 ATMs by March 2013

Union Bank of India plans to have 3,500 branches and 5,000 ATMs across the country by March 2013


Ahmedabad: Public sector lender Union Bank of India (UBI) said it will open 300 new branches and set up 800 ATMs across India by March 2013, besides 100 money vending machines catering to banking needs of blinds, reports PTI.
 
"Our effort is to have network of 3,500 branches and 5,000 ATMs across the country by March 2013. We also expect to open at least three branches overseas in countries like UK, Australia and Dubai," UBI Chairman D Sarkar told reporters.
 
At present, the bank has 3,200 branches and 4,200 ATMs across India and one overseas branch in Hongkong, which account for nearly Rs11,000 crore business, he said.
 
Sarkar was on a visit of Gujarat to inaugurate the banks 5th regional office in Mehsana district catering to branches in five districts like Gandhinagar, Banaskantha, Sabarkantha, Patan and Mehsana.
 
The bank has got licences from RBI for opening 50% of its proposed new branches in the urban areas (metros), a bank official said.
 
"Having opened four talking ATMs catering to banking requirements of blinds, we plan to have 100 such machines with braille compatible keyboards across India by March 2013," Sarkar said.
 
The bank has two such ATMs in Mumbai, and one each in Gujarat and Lucknow.
 
UBI targets to upgrade 500 branches across India to UnionXperience, its redesigned branch model, offering better customer facilities like automatic cheque deposit and passbook printing facility.
 
"We have upgraded 11 of our branches in Gujarat to Experience and now have 153 such branches across India. Our target is to have 500 such branches," Sarkar said.

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Federal Bank offers 10% interest rate on 1,000-day deposits

The bank is opening its 1000th branch on 17th August and to celebrate the landmark is offering special interest rate of 10% deposits for 1,000 days

 
Mumbai: Kerala-based private sector lender Federal Bank is offering an interest rate of 10% for resident and non-resident deposits for 1,000 days' maturity, effective till 17th August, reports PTI.
 
The bank is to open its 1000th branch on 17th August and to celebrate the landmark, special interest rate is on offer, it said.
 
"Senior citizens will get an additional 0.50% interest over the new rate. NRIs will get tax-free return at a high yield of 10%. This gives investors an opportunity to earn high yield over the medium term of 1,000 days that comes built with complete safety," the bank said in a statement.
 

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Iran sentences four to death for the country's biggest bank fraud

The scandal, worth about $2.6 billion, revolved around a private group that amassed trillions of rials in loans from half a dozen Iranian banks through what were said to be forged or illegally procured letters of credit


Tehran: A Tehran court has sentenced to death four people convicted in Iran's biggest-ever banking scandal, according to the national chief prosecutor, reports PTI quoting official news agency IRNA.
 
The sentences came at the end of a trial of 39 suspects that started in February. The magnitude of the scandal was estimated last year at $2.6 billion.
 
"According to the verdict, four people were sentenced to death," chief prosecutor Gholam Hossein Mohseni Ejeie was quoted as saying.
 
Mohseni Ejeie said two other of the suspects were sentenced to life in prison and the remaining received terms behind bars of up to 25 years after also being found guilty of corruption.
 
The identities of those convicted were not made public.
 
The scandal revolved around a private group that amassed trillions of rials in loans from half a dozen Iranian banks through what were said to be forged or illegally procured letters of credit to buy several state companies up for privatisation.
 
President Mahmoud Ahmadinejad last year denied accusations from some critical media outlets that his office had any links to the fraud.

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COMMENTS

Sameer Gala

5 years ago

WISH OUR GOVT/JUDICIARY WOULD LEARN FROM IRAN

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