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June 6th, 2016, 03:15 PM
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Join Date: Mar 2012
Re: Scope of Union Bank of India

The scholarly importance of Financial Inclusion (FI) can be basically expressed as, 'Everyone having admittance to monetary administrations'.

Bank's FI Mission :-

To cover 34000 towns crosswise over India by enlisting 30 million clients through Bio-Metric Smart Card innovation under one of the pined for activities 'Money related Inclusion' by the year 2016.

Scope :-

The extent of FI is as profound as the Indian Ocean, and has two types of estimation. In the first place is 'the business' and the second is 'the need for making the development of the nation genuine and comprehensive' both of which can be supported by this amazing actuality : around 41% of the 1.2 billion Indian populace which is spread in each nook and corner of the nation, in the six lacs in addition to towns as well as in the ghettos of metro-urban areas and towns, are still unreached/unbanked i.e. they don't have entry to money related administrations from formal budgetary foundations.

The assignment is by all accounts an overwhelming one yet the striking achievement Union Bank of India have made as far as covering 2.1 million clients under the Bio-Metric Smart Card innovation just inside 2 years of the begin of its FI drive implies that the FI vision of the bank can be transformed into a reality and it will doubtlessly accomplish its main goal beating all hindrances in its way of just not developing the bank but rather making 'development comprehensive' and advancement of the 'Regular Man of India'.

Branch Banking :-

The bank has reserved 1280 rustic and semi-urban branches each of which will cover no less than 5 towns and make these towns '100% Banking Habit Villages. Out of these, some branches fill in as 'Base Branch' for observing the operations of the Business Correspondents who conveys the whole Bio-Metric Card process for the bank.

On exploring the circumstance and the quick growing nature of Bio-Metric Smart Card innovation, the bank has opened committed FI branches crosswise over India, whose exclusive work will be to complete the FI activities of the bank and screen the working of the Business Correspondents.


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