Ubi Dealing Room Soon For On-Line Services In Mumbai
United Bank of India will soon open a dealing room in Mumbai to facilitate on-line prompt services to the customers engaged in export and import trade.
This will be the second dealing room for the bank of whose Calcutta dealing room has already been operating as the sole centre for the traders.
The decision to set up the dealing room in foreign exchange has already been taken at the top executive level which is certain to be endorsed by the bank board.
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The bank has yet to decide whether the dealing room at Mumbai will be allowed to function independently or it will be the extended arm of the Calcutta dealing room of UBI.
The management appears to have favoured the role of an extended wing for the new dealing room that will come up at Mumbai.
The new dealing room will be set up at Mumbais UBI overseas branch. UBI has already arranged for installation of a Reuters screen the brand name of which is Money 2000 which will contain information about rate movement against monthly payment of more than $1,000. At present only basic data will be obtained from Reuters screen.
It is expected that merchant transactions of the bank for international trade will get a boost with the setting up of the second dealing room which will cut down time spent on arriving at the bank decision on the impact of the rate differentials, both in the domestic sector and in the international level.
Incidentally, two other Calcutta-based nationalised banks, Allahabad Bank and Uco Bank, have their dealing rooms at Mumbai. UBI now joins the mainstream in setting up of the dealing room at Mumbai.