Union Bank of India is shortly going to exceed the Rs. 3 lakh crore mark in provisions of total business, the bank said. With this, the bank will find a place in the choice group of State Bank of India (SBI), Bank of India (BoI), Bank of Baroda (BoB) and Punjab National Bank (PNB).
The bank is hoping to reach the goal by the June quarter of the present fiscal. It anticipates carrying on growing in divisions of small and medium enterprises, retail and agriculture due to healthy symptoms of the economic recovery. This was stated by Union Bank of India Chairman and Managing Director M V Nair.
The bank has fixed a goal of 25% credit increase for this financial year, he added.
Loans to small companies, agriculture and retail comprise 50% of the total advance book of the bank and MSMEs and agri loans form nearly 19% each.
Nair said, “We have already reached Rs 2.91-lakh crore as of end last fiscal and is confident of a very good growth in the current fiscal. This year the growth in loans and deposits has been projected at around 25 per cent”.
The bank gave a good performance in the previous fiscal with 23.3% increase in total advances worth Rs. Rs 1,21,000 crore towards the end of the fiscal.