Union Bank of India has launched initiatives such as IMPS at branches and M-passbooks for its customers. The bank has become the first lender to launch immediate payment service (IMPS) through branches for its retail and corporate customers by integrating the platform to its core banking solution. This will allow customers to instantly transfer funds to any account from the branch. The limit has been set at up to Rs 2 lakh per day.
The digital passbook or M-passbook feature will enable customers to view account statement on mobile. The bank also launched a missed call facility through which customers can give a miss call to know the account balance.
Customers can also download the bank’s mobile banking app through the ‘missed call’ facility. The customer will immediately get a link to download the app upon request.
The bank also launched an SMS facility for customers to avail value added services like blocking debit card, balance enquiry and enable or disable user id of internet banking, among others.
Tidbits
- Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi.
- It is one of the largest government-owned banks of India.
- The bank is in the process of upgrading its representative offices in London and Sydney to branches.
GK Question
- Who is the present Chairman and MD of Union Bank of India? Arun Tiwari
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