Union Bank to foray into mutual fund biz

Union Bank of India would make a foray into the mutual fund business by December, a top bank official said today.

The bank had already received approval from Reserve Bank of India and was awaiting nod from Sebi, Union Bank of India Chairman and Managing Director M V Nair told PTI here.

"We have already got the approval from RBI. We should get the approval from Sebi by next two months," he said. "After getting the approval the product should be launched by December 2009."

Nair was here to officially announce the bank's mobile banking facility under the brand 'UMOBILE' under which one can make bill payments, purchase movie tickets and transfer funds apart from other banking services.

He said that the Bank's vision was to achieve Most Preferred Bank status by 2012.

The bank currently has 2,650 branches and 1,950 ATMs across the country.