United Bank of India (UBI), which is owned by the Indian government, has launched United Mobile Banking, which allows customers to use mobile phones to access services such as balance inquiry, mini-statement, stop-check facility, intra-bank fund transfers and inter-bank fund transfers through the National Electronic Funds Transfer (NEFT) payment system. UBI also plans to introduce new features such as mobile commerce and bill payments.
UBI Chairman and Managing Director Shri Bhaskar Sen said, “The rapid growth in users and wider coverage of mobile phone networks have made this channel an important platform for extending banking services to customers.” He added that the mobile banking service will enable UBI to reach out to unbanked segments of society.
Headquartered in Kolkota, India, UBI was established in 1950. It offers a range of products and services that include retail, corporate and international banking. As of March 31, 2011, UBI reported total deposits of INR 778 billion (USD 15.8 billion), a gross loan portfolio of INR 539 billion (USD 11 billion), net profit of INR 5.2 billion and return on equity of 12.86 percent.
By Kristha Abores, Research Associate
About United Bank of India:
Headquartered in Kolkota, India, United Bank of India (UBI) is a state-owned financial services company established in 1950 through the merger of four banks: Comilla Banking Corporation, Bengal Central Bank, Comilla Union Bank and Hooghly Bank. It offers a range of products and services that include retail, corporate and international banking. As of March 31, 2011, UBI reported total deposits of INR 778 billion (USD 15.8 billion), a gross loan portfolio of INR 539 billion (USD 11 billion), net profit of INR 5.2 billion and return on equity of 12.86 percent. Information on number of customers is not available.
Sources and Additional Resources:
[1] United Bank of India Press Release: “Launch of ‘United Mobile Banking’”, http://www.unitedbankofindia.com/uploads/MobileBanking.pdf
MicroCapital.org article, August 6, 2011, MICROCAPITAL BRIEF: United Bank of India to Loan $22m to Microfinance Institution Bandhan Financial Services Amid “Opening Up of Bank Credit”, https://www.microcapital.org/microcapital-brief-united-bank-of-india-to-l…
MicroCapital Universe Profile: United Bank of India, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=United+Bank+of+India
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: I&M Bank Enables Spenn Mobile App Users to Send Money to Financial Institutions Across Rwanda
- MICROCAPITAL BRIEF: Access Bank Botswana Borrows $20m from OPEC Fund for MSMEs, 30% Earmarked for Women
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan
- MICROCAPITAL BRIEF: First City Monument Bank of Nigeria Offers Asset Financing Starting at $600
- MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
