The Hindu : Business : Union Bank’s tech initiatives

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Tuesday, Feb 19, 2008
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Union Bank’s tech initiatives

Special Correspondent

— PHOTO: PAUL NORONHA

CUSTOMER-FRIENDLY: V. Leeladhar (left), Deputy Governor, Reserve Bank of India, with V. Nair, Chairman and Managing Director, Union Bank of India, at a function in Mumbai on Monday.

MUMBAI: Union Bank of India, on Monday launched its 2001st core banking solution (CBS) branch and rolled out three new technology-based initiatives for customer convenience. With this new branch, 96 per cent of the Bank’s business is now covered under CBS. This was announced by M. V. Nair, Chairman and Managing Director of the bank in the presence of V. Leeladhar, Deputy Governor Reserve Bank of India. Among the technology initiatives, on-line funds transfer through RTGS, enables the customer to effect remittance of funds on-line for credit of his clients account with any other bank across the country.

Using internet banking, the customer can avail himself of this facility for transferring amounts in excess of Rs. 1 Lakh. On-line grievance redressal, another initiative, provides an opportunity to register customer complaint on-line using the bank’s website and enabling them to know the redressal status. The system is designed in such a way that unattended complaints get escalated to appropriate higher levels in the bank for time-bound resolution. The new initiative will also enable the bank to bring about improvements in its products and services. The third technology initiative, On-line application for products, enables the customer to submit on-line his request for any of the products and services.

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