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Following the coronavirus outbreak, the banking sector has seen a major transformation as they adapted to digitalisation and modified their systems. Discussing how Union Bank of India, 5th largest Public Sector bank in India will boost economy again with new policies and schemes, Field General Manager (FGM) Roop Lal Meena shared the plans of the bank.

Following the coronavirus outbreak, the banking sector has seen a major transformation as they adapted to digitalisation and modified their systems. Discussing how Union Bank of India, 5th largest Public Sector bank in India will boost economy again with new policies and schemes, Field General Manager (FGM) Roop Lal Meena shared the plans of the bank.
What is the bank planning for the coming years to boost economy and banking services?
Meena: Union Bank of India is on a mission to achieve business mix of Rs 17 Trillion (Deposits of Rs 10 Trillion & Advances of Rs 7 Trillion). We are planning to create “Digital Bank’ within Bank as per Vision 2025.
We are working to to build a next generation digitally-enabled Universal bank known for responsive, responsible and inclusive banking through customer centric business models and significant investment in employee development.
How is the bank building ‘Digital Bank’?
Meena: Bank has recently launched MSME STP (Straight through Process) modules, Shishu Mudra STP, MSME Rupay Card & Union Dial.
Further, new as well as existing customers seeking credit facilities upto Rs. 5.00 crore can apply through the Banks link & can receive in-principle approval in 30 minutes.
What are the focus areas of the bank for FY 2022-23?
Meena: We are focusing on growth of our MSME portfolio through extending credit to MSMEs including Mudra loans.
Bank has also extended Mudra Credit through PMSvanidhi scheme of Government of India, financing to MSMEs under Stand Up India, PMEGP scheme etc for employment generation.
Our bank has utilized the portal and extended credit through unified portal Jansamarth Portal as well.
What is your plan to promote MSME?
Meena: We have introduced a digital & data-driven customer acquisition channel “UNION DIAL”. UNION DIAL is digitally-enabled doorstep facilitation for initiation of retail and MSME loans. Customers will have the facility to register loan requests through digitally-enabled channels.

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