Inclusion Banking to Turn Into Profits Soon: Union Bank
Monday, April 25, 2011
MUMBAI, APR 24: Union Bank of India, the fifth largest public sector lender with over Rs 3.55 lakh crore in assets, has said its financial inclusion project, called the ’new bankable class’, will turn profitable sooner than expected.
“Going by our experience with the financial inclusion project, which we call ’banking for the new bankable class’, this will turn in profits sooner than later, especially when the cash transfer facilities under Adhaar scheme starts flowing in,” Union Bank Chairman and Managing Director, Mr M V Nair said in an interaction here.
Mr Nair, who recently got a three-month extension after completing his tenure, said, “For us, this is not a loss making business. Some of the segments such as remittance facilities for the migrant labourers as also those for the milk and fruit vendors, under the inclusion project are already profitable”.