Union Bank of India Signs MOU with Maharashtra Postal Circle

Mumbai, March 01, 2007, The country's two big organizations viz. Union Bank of India and Maharashtra Postal Circle of India Post have joined hands in order to serve the rural masses, particularly farmers, artisans etc. To fulfill this noble cause, the Bank has signed the Memorandum of Understanding (MOU) with India Post on 1st March 2007 for a tie-up arrangement for marketing of the Priority Sector loan products of the Bank in Maharashtra.

Maharashtra Postal Circle, in association with Union Bank will extend various services to the villagers at certain mutually agreed post offices.

There exist many households in the villages who are not reachable as they are staying in remote places. Here, the Post Offices will be of great help as they are deep rooted with a large network in villages and as such, are in a better position to know the people. Under the tie-up, the Post Offices will identify prospective borrowers, helping them to choose the appropriate schemes/products of the Bank and giving them adequate information of the product chosen by them. The Post Offices will also assist the villagers in filling up the application forms. The applications will thereafter be handed over to the concerned branch, who will ensure immediate response. Bank is arranging for training the Post Office staff through the Indian Institute of Banking and Finance. The Bank's Village Knowledge Centres will be rendering useful assistance in this regard. Moreover, the Bank's Branch Managers and Rural Development Officers will also be providing all the necessary help. It will be a perfect combination to serve the rural people.

The Post Offices will therefore be able to canvass more business for the Bank. Under this tie-up, all types of Agriculture loans right from Crop Loan to large value loans like Poultry, Dairy, Tractor etc. will be available to the farmers.

To begin with, this tie-up arrangement will be available in 6 districts of Maharashtra viz., Jalgaon, Nasik, Hingoli, Solapur, Ahmednagar and Pune covering the Bank's 56 branches.

The Bank, with this tie-up aims to boost their agriculture advance portfolio and finance to rural individuals, which is one of the focus areas of the Bank. Moreover, in keeping with its tradition of sound banking with sustained growth, the Bank will further come nearer to assist the rural community particularly the small farmers and agricultural labourers. The Bank expects maximum number of people to avail of its rural service, through the identified post offices.

Through this dedicated expedition, the villagers will be benefited to a very large extent with regard to availability of the Bank's various loan products through the identified Post Offices.

With this, Union Bank moves another step ahead to expand its outreach towards Financial Inclusion.

Source : Equity Bulls

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