A recent press report said that Union Bank of India has planned to double the strength of its ATMs to 5,000 by the end of this fiscal. The bank has planned to open around 130 new ATMs in Tamil Nadu.
Mr. Lalit Sinha, General Manager, alternate channels and new initiative department said that the bank has been working towards taking 60 per cent of its total transactions to electronic modes outside the branches. He said that electronic transactions of the bank comprised 35 per cent of the total transactions in 2009. He added saying that it had gone up to 50 per cent, in the previous year.
Mr. Lalit said that the bank has won the ‘ACI Excellence Award’ 2011 for the project, ‘customer empowerment using ACI solution BASE 24,’ in the payment transformation category.
He said that the bank had implemented a new concept, called the ‘cashless transaction,’ on a pilot basis at a university in Madhya Pradesh.
Over a million online transactions have been made under this initiative in just nine months. A survey found that 96 per cent of the bank’s Internet account users were satisfied with the performance, he added.
The bank has hiked its interest rates making loans dearer for both new and existing auto loan, home loan and corporate loan borrowers.