Union Bank IFSC and MICR Code:

Union Bank plans to recover Rs.2,000 crore from resolution of stressed power projects

Union Bank of India has planned to recover Rs.2,000 crore from the resolution of three stressed power projects given that interest has been shown by other operators in these projects. The three projects where the bank has exposure are currently at different stages of resolution. The projects which include the GMR Chhattisgarh Energy Limited and Prayagraj Power Generation Co Ltd (PPGCL), a subsidiary of Jaiprakash Power Ventures Ltd have a project cost of Rs.11,542 crore and Rs.15,537 crore respectively. Of the total project cost in the GMR project, Rs.8,173.9 crore is debt component while the remaining Rs.3,367.54 crore being equity. In the Prayagraj project, Rs.4,543.50 crore is equity while Rs.10,993.50 crore is debt.

As per a senior official of Union Bank of India, the total exposure of the bank in the power sector is around Rs.6,000 crore. The official added the haircut in the above-mentioned power projects is going to be less than 50%. It needs to be mentioned that SBI, the lead banker in most stressed power projects had last month stated that around 7-8 projects were expected to be resolved soon which was worth Rs.17,000 crore.

Union Bank of India had reported a 12% increase in its net profit of Rs.130 crore at the end of the first quarter of the current financial year, i.e., 2018-19. In the last financial year, the bank had made a net profit of Rs.116.58 crore during the same quarter. It is noteworthy to mention here that there are about 34 stressed power projects in the country with their combined value of outstanding loans being Rs.1.74 lakh crore.

Union Bank helps senior citizens understand digital banking

In an effort to increase the digital literacy among senior citizens, Union Bank of India organized its first Digital Banking Awareness Campaign at the Nana Nani Park, Chowpatty in Mumbai. 150 senior citizen customers visit the bank every morning, therefore, a three-hour training session was organized to educate them on the benefits of digital banking. Senior citizens were taken through Union Bank’s various digital apps, such as, DigiPurse, UMobile, and the Unified Payment Interface (UPI). The campaign is to minimize the gap between old and young in the digital banking system and to help graduate all its customers to the digital banking platform.

Union Bank of India’s bonds raise Rs.750 crore

Union Bank of India, one of largest government-owned banks in India has issued 7,500 unsecured, redeemable, subordinated Basel III compliant Tier II bonds for a face value of Rs.10 lakh each. The bonds, which will mature on November 24th, 2026, are to be listed on the National Stock Exchange (NSE). The coupon on the bonds is set at 7.74 % p.a. payable annually on November 24th till redemption. The bonds have been rated AAA/Negative by Credit Rating Information Services of India Limited (CRISIL). Union Bank offers services under three main categories, deposits, loans and advances, and remittances and collections. The bank is segmented into treasury operations, retail banking, corporate and wholesale banking, and other services.

Union Bank launches ‘*99#’ mobile application for banking

Union Bank of India has launched a USSD based ‘*99#’ mobile application for the Android platform, on Playstore.

This app does not need internet connectivity for its operation. It enables basic banking operations like checking account balance, MPIN management and funds transfer. The app also provides value-added services such as PMJDY account overdraft status and Aadhaar-linked overdraft status.

Union Bank of India Overseas Account Hacked

Security of one of Union Bank of India’s offshore accounts has been compromised in a cyber attack. However, the hacking was tracked and money transfer through IFSC or BRIC codes had been blocked. The bank suffered no loss in the incident.

The “nostro” account, a bank’s foreign currency account maintained in a foreign bank, was breached in New York. Around 70 percent of the amount was already traced and retrieved, while the remaining will be reclaimed in a few days, said Arun Tiwari, Union Bank chairman.

The Reserve Bank of India had told Indian banks last month to set up higher cyber security for their overseas accounts after Bangladesh’s central bank lost around USD 81 million in an online heist.

e-SBTR Facility Launched by Union Bank of India

One of India’s largest public sector banks, Union Bank of India has launched e-SBTR (Electronic Secured Bank Treasury Receipt) that enables payment of registration fee as well as stamp duty fee towards home purchases in Maharashtra. This single window payment facility is an online facility that can be used 24/7 throughout the year and does not have a ceiling. e-SBTR will be made available to Union Bank of India customers in all the branches in the state through internet banking. The bank allows its customers to use other electronic fund transfer facilities such as NEFT and RTGS using IFSC codes of the bank branches.

Union Bank of India Launches e-SBTR for Payment of Stamp Duty and Registration

Union Bank of India has introduced a payment facility for registration fee and stamp duty for customers purchasing houses. The facility is called the e-SBTR (Electronic Secured Bank Treasury Receipt) and it allows customers to make payments related to housing purchases through a single window.

The e-SBTR is available for use 24 hours via the internet banking facility, where home buyers can complete all formalities including paperwork, online. Customers can also get their final documents endorsed at the branch level in one go. The facility will be initially available at all 508 branches of the Union Bank of India in Maharashtra and later expand to other states. Union Bank of India also offers electronic fund transfer facilities where money can be transferred using the IFSC codes of bank branches.

Union bank launches e-SBTR

Union Bank of India has launched an Electronic Secured Bank Treasury Receipt (e-SBTR) that allows single window payment of both stamp duty and registration fee for house purchase in Maharashtra.

Any amount can be paid through e-SBTR and it can be availed at any time of the day and year through internet banking. IFSC codes are not required to make this transaction.

While the product has been launched in the 508 branches of the Mumbai-based bank initially, it will be offered at branches in other states soon, the bank said.

Sydney Branch of Union Bank of India inaugurated by Arun Jaitley

Union Finance Minister Arun Jaitley believes,banks play a significant role in helping a country achieve high growth rates according to his speech in Sydney at the inaugural ceremony of the Union Bank of India. The inauguration of the Sydney branch was done in the presence of the Chairman & Managing Director of Union Bank of India, Mr. Arun Tiwari and High Commissioner of India in Australia, Mr. Navdeep Suri among others.

Jaitley also said that in order to recapitalise banks, sufficient funds would be provided.

The Union Bank of India was established in 1919 and is the currently the fifth largest in India among nationalised banks. As part of its banking portfolio, Union Bank of India offers services and products for MSME, Agriculture, Retail along with NRI and corporate customers and online transfer of funds via IFSC codes. This bank has over 4000 branches including three abroad and 6999 ATMs. The app ‘Digipurse’ was recently launched with the aim of simplifying various options such as mobile and DTH recharge, online shopping and more.

Union Bank of India’s Digital Wallet App Available for Windows Phone

The DigiPurse app is now available for those using Windows smartphones. Money transfers, shopping, recharges and utility bills can be paid through the Union Bank DigiPurse online wallet app. DigiPurse also enables customers to send funds to other users, as well as to accounts in other banks.

Customers have to transfer money from their internet banking or credit/debit cards to begin paying through the app. A feature of the app is its Visa card, a virtual card that can be used to make payments across websites. Money can also be transferred instantly via IMPS. This would require the IFSC or MICR code for the transactions to go through.