Union Bank eyes 35% from alternative channels

Union Bank of India aims to increase business from alternative channels to 35 per cent by the end of the current financial year from 23 per cent now. The bank increased its business from alternative channels such as internet, mobile banking and automated teller machines (ATMs) to 23 per cent in 2008-09 from 6 per cent in 2007-08.

M V Nair, chairman and managing director of the bank, today said the lender was targetting customers in the age group of 30-35 years to increase business. To serve such customers, the bank is launching various technology initiatives and innovative products. The bank, which reported a growth of 31.8 per cent in its total business to Rs 236,968 crore in 2008-09 over the previous year, is looking at a growth of 23.6 per cent during the current year.