“We Have a Larger Role to Play for the Nation”

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MONDAY, MARCH 1, 2021 AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, DELHI, HYDERABAD, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, PUNE “We have a larger role to play for the nation” The amalgamation of Andhra Bank and Corporation Bank with Union Bank of India has created one of the largest banking behemoth in the country and will bring benefits to each and every stakeholder

employees, considering the rela- for creating an organisational struc- The pandemic has further accel- have rolled out a new organisational tively younger workforce with an ture and culture that will imbue erated the digitisation in everyday structure with creation of new verti- average age of less than 40, cross the ‘best of three’ spirit. banking business. Union Bank cals and a strong systems and pro- cultural shift after amalgamation Even during the times of COVID, has seen a significant volume of cess, comprehensive products and will bring in higher efficiency, myself and my Top Management transactions moving to digital services to cater to needs of different healthy competition and create team were connecting with platform. The use of U-mobile customer segments. Above all, our more opportunities for their career employees through social media app, for instance, has significantly biggest impetus would be our strong progression and growth. and digital interactive platforms. increased. Amidst pandemic, the customer base of over 120 million RAJKIRAN RAI G. Bank has focussed on creating and our committed workforce of contactless acceptance infrastruc- over 77,000. Managing Director & CEO, Union Bank of India ture and also enabling contactless payment modes. Necessary Union Bank of India has WE HAVE MORE THAN 5% MARKET SHARE IN OVERALL additions and modification is recently scored a stylish What are the key advantages 77,000 and a customer base of BUSINESS IN 22 STATES. HIGHER MARKET SHARE WILL HELP being continuously carried out century; what is your overall envisaged with this new, over 120 million. We have more THE BANK TO IMPROVE ITS VISIBILITY AND REACH TO GRAB to enable our customers to avail vision for the bank’s future? combined entity, post the than 5% market share in branch In its 102-year long journey, the HIGHER BUSINESS AND AN EDGE OVER OTHERS. banking from the comfort of their amalgamation? network of scheduled commercial home. Besides, the Bank has also Bank has seen through many chal- The amalgamation is a part of the banks in more than 15 states. We taken big strides in digital lending lenges to have a Pan-India network long term banking reform agenda have more than 5% market share as well. Our recent initiatives like today and also having significant of the Government. The policy in overall business in 22 States. How would you describe We were constantly engaging with UnionDial, pre-approved personal overseas presence. With amalga- intent is creation of few large and Higher market share will help the your mantra for managing employees by conducting regular loan facility and Straight Through mation, the Bank has become one strong banks to effectively meet Bank to improve its visibility and what is now an even larger surveys on various issues so as to Processing (STP) for Shishu loans of the biggest financial institu- the financing needs of econo- reach to grab higher business and organisation? understand their mindset and to under MSMEs, etc. are important tions in the country. Our vision is my aspiring to be among Top 3 an edge over others. As a large I have been engaging with em- rectify lacunas, if any, during the for digital on-boarding. to be a leading next generation globally. If you look at the Chinese bank, we have a larger role to play ployees at regular intervals. During amalgamation process. It is only digital savvy bank with focus on banking system it is almost twice for the nation, both in credit deep- the initial phase, various Townhall with the help and support of each What have been the key growth inclusive, responsive and respon- the size of its economy, where- ening and financial inclusion. Meetings were held across the and every Unionite, we could reach drivers for Union Bank of sible banking, through customer as Indian banking system is far The amalgamation will bring country wherein management all the milestones and target set India and what aspects do you centricity, employee empowerment smaller. The amalgamation of benefits to each and every addressed employees of all three with regard to amalgamation well see providing impetus going and value creation for all stake- Andhra Bank and Corporation stakeholder. For the Bank, it organisations to alleviate their con- within the timelines. They have forward? holders. The amalgamation also Bank with Union Bank of India helps improve efficiency through cern and apprehensions. Besides, made this complex process quite Union Bank is uniquely placed gave us an opportunity to revamp has created one of the largest economies of scale and scope. For to manage cultural integration simple. today in terms of ensuring timely our organisation structure, creating banking behemoth in the country customers, larger banks offer wider in the run-up to amalgamation, amalgamation with a good cultural new verticals, new product lines, with a business mix of over Rs choices of products and servic- we conducted “Triveni Sangam” How is Union Bank of India integration across the organisation. new processes etc. Going forward, 15 lakh crore and a network of es; the efficiency gains will bring wherein the Executives of the Bank continuing to facilitate customer The synergy of the amalgamated digital and digitisation will be a 9500 plus branches, 13000 plus down the intermediation cost and met and discussed the growth needs through digital banking entity will provide a strong impetus major focus area and growth driver ATMs, an employee base of over improve turnaround time. For path for the Bank and agreed upon during this challenging phase? to the growth, going forward. We for the Bank. The perfect merger demystified Share exchanges ready’ by enabling A glimpse of the processes involved investment in various in amalgamating Andhra Bank areas. These include and allotment upgrades in Union and Corporation Bank into Union Bank of India’s analyt- FINANCIAL FACTS OF THE AMALGAMATION AND Bank of India ics centre of excellence, enhanced digital IMPLEMENTATION PROCEDURE FOLLOWED pril 1, 2020 marked an WIDER NETWORK banking products, best- extremely significant Union Bank of India in-class IT platforms he Board of Directors of the members nominated by Transferor event for the banking becomes the fifth larg- and a wider variety of Transferee Bank and Transfer- Banks, submitted its report to the sector in India; the est PSU bank in India in products and services. or Banks at their meeting held Board of Directors of the Transferor Amerger of 10 public sector lenders terms of total business. on March 5, 2020 approved Banks and Transferee Bank to address into four bigger and stronger banks Its customer base of over STRONGER Tthe following Equity Share Exchange the objections of minority shareholders came into effect from that date. 120 million will be served TOGETHER Ratio for amalgamation of Andhra in relation to the Share Exchange Ratio. With this, the number of public The communication Bank and Corporation Bank into The Board of Directors of Union sector banks in India was reduced also directly addressed Union Bank of India: Bank of India at its meeting held on to just 12 from 27 in 2017. Union Bank of India’s • 325 equity shares of the face value March 17, 2020 considered the report The mega merger that drew future partners at of Rs.10 each fully paid up in Union of the Expert Committee and decid- most attention was Manga- Images: Freepik.com Andhra Bank and Bank of India, for every 1,000 equity ed that no change is required in the lore-based Corporation Bank and COMPLETE CLARITY Corporation Bank and shares of the face value of Rs.10 each Share Exchange Ratio approved by the Hyderabad-headquartered Andhra reassured them that Board of Directors of Transferor Banks Bank being amalgamated into Un- Addressing the top 5 concerns they can look forward to the same and Transferee Bank in their respec- ion Bank of India. Following the of the erstwhile Andhra attention and care from the amal- tive meetings held on March 5, 2020. merger, all investments of Andhra Bank and Corporation gamated entity as from their orig- The Board of Directors of the Union Bank and Corporation Bank came Bank customers, the inal banking partner, stating that Bank of India approved allotment under Union Bank as a combined communication, also clarified “We will take all the steps to make of 2,98,40,25,503 equity shares entity. the following: sure that your banking relationship (2,97,88,35,104 shares in demat On the eve of the merger, Rajkiran 1. No changes to occur in not only lives up to your expecta- mode and 51,90,399 in physical Rai G., Managing Director & CEO, account numbers and tions but also exceeds them.” mode) to the shareholders of Andhra Union Bank of India, shared an offi- cards for customers. Bank and Corporation Bank. cial communication to the custom- across a network of 9500 plus 2. Continue banking with SERVICE FOCUS The Bank received listing ap-

ers of the two banks being merged branches and 13000 plus ATMs by the same bank/branch The amalgamation process had Image: Freepik.com proval from BSE and NSE for into the amalgamated Union Bank an employee base of over 77,000. for any banking related been initiated with a strong 2,97,88,35,104 shares issued in of India entity, providing insights The complimentary geographic information. emphasis on customer service. fully paid up held in Andhra Bank as demat mode, effective from April 16, into the bright future that lay ahead presence will give Union Bank of 3. Cash withdrawal from Ensuring minimal disruption to on the record date. 2020. The shares were credited to for them post April 1, 2020. The key India a commanding pan-India ATMs of any of the three customers during this transition • 330 equity shares of the face value demat accounts of shareholders on aspects conveyed were as follows. network, making it the 4th largest banks will not levy any period was given top priority. of Rs.10 each fully paid up in Union April 16, 2020. • Established in 1919, 1923 and banking network in the country. additional charges. Outlining the road ahead, the Bank of India, for every 1,000 equity The ‘Record Date’ for issuing and 1906 respectively, Union Bank, communication reiterated that the shares of the face value of Rs.2 each allotting equity shares of the Union Andhra Bank and Corporation LARGER CAPITAL BASE 4. All existing terms and amalgamation process is deeply fully paid up held in Corporation Bank of India to the shareholders of Bank have a combined legacy of The bank now enjoys a larger conditions pertaining to focused on serving esteemed cus- Bank as on the record date. Andhra Bank and Corporation Bank 300+ years. capital base and will be optimally your loan will continue tomers and Union Bank of India Further, as per the provisions of was March 23, 2020. The ‘Allotment • The collective strength of these positioned to build deeper bank- until the life cycle of the will do its best to ensure minimal Amalgamation of Andhra Bank and Date’ was April 1, 2020. three esteemed organisations ing relationships with its corporate loan. disruption. Thanking them for Corporation Bank into Union Bank of As per the Amalgamation Scheme, presents a unique opportunity and retail customers. 5. Enjoy best-in-class services their continued support over the India Scheme, 2020, the Expert Com- no fractional shares were issued by to build a bigger, bolder and across the product ranges years, the Union Bank of India mittee, headed by Justice S. D. Pandit, the Union Bank of India in respect of better future. BANK OF TOMORROW of all the three banks with MD & CEO shared that he looked Retired Judge of Gujarat High Court fractional entitlements, if any, to any • Benefits that the amalgamation The amalgamation strongly positions the amalgamated entity. forward to an even stronger asso- along with independent shareholder of the Transferor Banks. brings to customers: Union Bank of India to be ‘future ciation in times to come. MONDAY, MARCH 1, 2021 An impactful journey Taking multiple A rich history and noteworthy achievements encompass Union Bank of India’s success saga

he banking sector has essayed and multiple accomplishments, Union a crucial role in scripting Bank of India now stands poised to challenges head-on India’s growth story and achieve even more milestones. In an Union Bank of India has been updated avatar post the recent amal- Ta key contributor to this. Reflecting gamation, Union Bank of India stands Implementing an amalgamation during the COVID-19 pandemic was not the progressive changes that have tall as India’s fourth largest public sec- easy but Union Bank of India proved more than equal to the task been witnessed in the sector since its tor bank in terms of branches and the inception with pioneering initiatives fifth largest in terms of business. ith the first phase make any difference to the staff of the COVID-19 in terms of data input. Every TECHNOLOGY TRIUMPH in times of social distancing, lockdown in erstwhile Andhra Bank and Cor- Union Bank of India had the bank staff members were EVOLUTION STUDDED WITH MULTIPLE MILESTONES effect, there had poration Bank branch had been planned to conduct ex- re-trained digitally, to be We look back at its early initiated the establishment Wbeen speculation that the con- linked to a ‘buddy branch’ of tensive trainings for senior equipped to manage digital days with a sense of nostal- of the first safe deposit solidation exercise might be de- Union Bank for any assistance. executives, branch managers transactions for customers gia. The story commenced vault for the bank, which ferred for some time due to the A microsite was also developed and branch staff to prepare across the globe and ensure during the pre-independ- was opened on April 22, pandemic. However, it proceed- for employees with the facility them for the new products, there are no hindrances to ence era in colonial India, 1939. The bank achieved ed on schedule, reflecting the to get queries addressed. processes and policies of the the customers. when Seth Seetharamji the important milestone of amalgamated entity. The training of all 9,500 Kisondayal Podar collab- crossing the 1-crore mark However, in the wake of plus branch managers of orated with prominent Image: Freepik.com in deposits in 1938, about COVID-19, Union Bank of the amalgamated entity individuals in the business bank purchased was the 18 years after its inception. India opted for innovative, took place digitally through community in Bombay Rogay Building on Apollo For nearly 21 years, Un- digital solutions. Instead of video conferencing, digital to set up a bank after the Street, Bombay, inaugu- ion Bank of India’s growth classroom trainings, it devel- collaboration tools, e-learn- First World War ended. It rated by Mahatma Gandhi was propelled by the oped a series of e-learning ing modules as well as with started business operations on July 21, 1921. The first good performance of four modules. Union Bank of videos on new product fea- on March 3, 1920 and the Balance sheet of the Bank branches—Apollo Street, India’s endeavour was to tures and policy changes for Zaveri Bazaar branch was for the year ended De- Kalbadevi and Mandvi ensure full compliance with Bank Managers. A dedicated, opened on June 1, 1920. cember 31, 1920 showed branches in Bombay and the norms of the national amalgamation-focused inter- The first statutory meet- a profit of Rs 1,86,605, 6 the one at Rajkot, Gujarat. lockdown and simultaneous- nal website was set up for ing of the shareholders annas and 1 pies. Building on the reputation ly also enable its employee employees to refer to. was held on August 5, Union Bank of India it had earned, the bank base of over 77,000 to be The amalgamation of 1920 with several firsts opened its first office then opened a branch completely equipped to ser- Andhra Bank and Corporation following in quick suc- outside Bombay in July at Jetpur. When India’s vice customers from Day 1. Bank into Union Bank of India cession for this growing 1932, with a new branch independence was pro- Image: Freepik.com With a view to support the was done in full compliance entity — the first owned in Rajkot, Gujarat. Ramdev claimed, all staff members government’s vision of mak- with the objective of creat- building, the first car, the Anandi Lal Podar, who were paid 15 days’ salary ing India a $5 trillion econo- ing larger and more efficient first balance sheet. The joined the Board of Di- as bonus in commemora- my, the amalgamated bank banks. Adequate measures first property that the rectors in February 1938, tion of the event. intense planning and prepared- also launched a variety of were taken by the bank to en- ness of Union Bank of India as EVERY ERSTWHILE new products as well as lever- sure that the changes within well as the robust nature of the aged best in class technology, the amalgamated entity were EXPANSION WITH NEW SYSTEMS AND PROCESSES Indian banking system. ANDHRA BANK suited for the new India. In carried out with little or no In 1954, the bank opened a new to Jardine Henderson Ltd in Calcutta, So what is it exactly that AND CORPORATION order to conclude the process disruption for its customer branch in Ahmedabad, took over the or accommodating up to Rs 40 lakh changed on April 1, 2020 for BANK BRANCH HAD of amalgamation seamlessly base and employees. Calcutta branch of Habib Bank Ltd. to Sandoz Products Pvt. Ltd, paid off erstwhile Andhra Bank and BEEN LINKED TO A and also opened a branch in Cochin, by raising the bank’s reputation. The Corporation Bank customers? ‘BUDDY BRANCH’ OF Kerala. A year later, it opened a branch Bank of America, National Trust & Well, apart from the fact that UNION BANK FOR customers post-amalgamation. and timing. District-level lists of in Madras. Savings Association and the Riyadh they were now part of an amal- ANY ASSISTANCE. As far as sanctions were healthcare and testing facilities As business grew, the bank intro- Bank appointed Union Bank as their gamated entity, not much. They A MICROSITE WAS concerned, Union Bank of available to branch staff were duced a system in which at the end of correspondent. The bank was also would see the same branch and ALSO DEVELOPED FOR India maintained status quo drawn up and shared. each business day, the cash balance very active in its investment portfolio the same staff. The systems and EMPLOYEES WITH by retaining the reporting The treasuries had been would be checked and verified by the and the investment in government processes remained the same THE FACILITY TO GET authority structure. Up to the integrated and all treasury agent of the branch before locking securities included National Savings, as well. QUERIES ADDRESSED. level of the GM, there was no operations were undertaken the cash for the night under the Government of India loans, Bombay, In the case of Union Bank, change. If approval beyond the from Union Bank of India. Two supervision of the agent and the Rajasthan, Madras and Mysore since all account numbers are The endeavour was manag- GM was required, each GM’s other locations had been kept as officer-in-charge of the cash State Government Bonds and unique, all customers retained ing ‘business as usual’ as far as reporting was mapped to one backup as part of Union Bank of department. The bank also those of Air India Interna- their account number after the possible even during COVID-19 of the four EDs in Union Bank India’s business continuity plan adopted a procedure of tional. merger. Internet banking portals and the lockdown. The focus post April 1, 2020. if there had been a complete sending the customer With branches and mobile banking apps con- was on identifying ways to pro- Since each state had a differ- shutdown for any reason. Due a notice intimat- in all the major tinued to operate separately. tect the staff and keep branch ent system, the state-level bank- to all the preparations being in ing him or her of cities in India, While deposit products may operations going, so that there ers’ committee (SLBC) took a place, the merger process went the issuance of a Union Bank was have changed slightly, it did not would be ‘zero disturbance’ for call on aspects like operations off quite smoothly. cheque book. Union now a well-estab- Bank took its first step lished institution. towards mechanisation The central government in 1950 when they purchased sponsored event, India 1958 Burroughs Duplex Portable Adding Exhibition, was held in New Delhi on Surging ahead with great expectations and Listing machines, which could be October 1, 1958, and it saw the first operated by hand and electric power, temporary extension counter opened The merged Union Bank of India entity has the to improve accuracy in calculation. The by Union Bank. CHANGES AND CONSTANTS bank also installed intercom connec- The bank took a policy decision in potential to register exponential growth A look at what changed for customers of erstwhile Corpora- tion for telephones for the first time. 1962 to absorb small regional banks In the first half of 1955, the bank to enlarge its network of operations. nion Bank tion Bank and Andhra Bank and what remained the same. had opened nearly SOO import L/Cs The first such acquisitions happened of India, After the IT integration: and handled 1,475 export bills and in Kerala, with Union Bank taking over after amal- • Internet banking shifted to Union Bank of India’s internet bank- 528 import bills. The Reserve Bank of Perumbavoor Bank Pvt. Ltd, Catholic gamating ing portal. However, their login credentials remained the same, India gave its permission for the bank Union Bank Ltd and Nadar Mercantile UAndhra Bank and and no re-registration was required. to deal in all foreign currencies by Bank Ltd. In 1965, the Sind National Corporation Bank • They had to now also use Union Bank’s Mobile Banking Ap- issuing a general license. Bank merged with Union Bank too. By with it, hopes to plication UMobile. While their login credentials remained the To meet the latest trends and to the time the bank was in its golden ju- reap cost benefits Corporation Bank. The same, they had to re-register. improve business, the bank estab- bilee year in 1969, it had established of over Rs 2,500 combined entity has • Select ‘Union Bank of India’ while making any online payment lished links with Westminster Bank, itself as one of the nation’s most crore through the 9,500 plus branches via merchant websites. London. Strategic decisions like trusted banks with a presence in rationalisation of and 13,000 plus ATMs • Post-migration, they are required to use a Union Bank of India pass- sanctioning Rs 20 Iakh overdraft limit multiple cities in every region. across the country. book and the same will be issued on their first visit to the branch. Out of the 9,500 • Their branch’s IFSC/MICR code changed. To avoid any inconven- plus branches, Union ience, their branch’s current IFSC/MICR code will continue to A COMPREHENSIVE GLOBAL NETWORK ESTABLISHED Bank of India has remain valid until March 31, 2021. Union Bank of India be- • Customers were requested to communicate the revised IFSC gan its overseas journey code to remitters wherein they have been regis- by establishing its first tered as beneficiary to receive inward remittances overseas branch in the through RTGS, NEFT and IMPS for re-registration at trade hub of Hong Kong their end as the existing IFSC code will be discontinued from in May 2008. The other 01.04.2021. promising trade centre identified 700 plus branches that encompassing Middle Image: Freepik.com will be rationalised due to their The constants: East and North Africa was branches and savings on technolo- proximity of location. However, • Most of their key banking details remained unchanged includ- covered by establishing gy on the combined entity. but it will not happen immedi- ing their account number. second overseas Branch Images: Freepik.com There will be revenue generation ately. It is envisaged that perhaps • They continue to use their existing debit/credit card as usual. in UAE at DIFC, Dubai in commenced operations is catering to the NRI di- due to cost cutting on account of around 300 branches will be • Further, there were no changes to their salary account, pension March 2013. The business in 2014. These overseas aspora in GCC countries branch rationalisation and also on rationalised in the first year and account or loan accounts. potential of Australia and branches and subsidiary through its Representa- the technology side. Union Bank the rest will take place gradually • Standing instructions, mandates, beneficiaries registered on New Zealand was covered cater to the requirements tive Office in Abu Dhabi of India is looking at more than Rs thereafter. the erstwhile bank’s app were transferred automatically to by the next branch in Syd- of businesses world over since December 2007 2,500 crore of synergy benefits in The capital adequacy ratio of the Union Bank of India’s Internet Banking and Mobile Banking ney, Australia established by way of syndicated offering a variety of de- the next three years. combined entity will be at 12.5-13 App. in 2016. The Bank has loans, external com- posit and loan products The amalgamation has created an per cent, while gross NPAs and • Cheques issued with previous IFSC/MICR code will continue to established a subsidiary mercial borrowings and through Union Bank of employee base of over 77,000 in- net NPAs stand at 14 per cent and be honoured until March 31, 2021. in United Kingdom, which trade Credits. The Bank India branches in India. cluding those from Andhra Bank and below 6 per cent, respectively. MONDAY, MARCH 1, 2021

>> First and foremost, means of pro-active out- the Bank has kept all its reach from branches, dedi- Branches, ATMs, BC and cated social media team to Tales of Wider products digital channels operative handle customer queries throughout the lockdown and also by strengthen- period to ensure contin- ing the call centre with technology and uous service. The Bank augmented capacity. The offerings and services has coordinated with ATM feedback has been largely vendors, POS vendors, etc. positive from our custom- transformation Integration of products, processes, subsidiaries, distribution to ensure sufficient cash ers as well as employees loading and delivery of and our team are taking Union Bank of India has channels, specialised units, technology, etc. will benefit customers merchant services. care of the suggestions re- The Bank has also ceived in order to improve zoomed forward along the to a large extent ensured that the welfare the reachability. path to progress at an With the amalgamation subsidiaries, distri- cost as well as revenue. As measures and relief pack- accelerated pace over the years the products, processes, bution channels, per our initial estimation, ages announced by the What are the steps and policies of all banks specialised units, total synergy, expected Government of India reach taken to ensure safe have been harmonised technology, etc. will from the amalgamation is the intended beneficiar- banking? uring the eighties, technology was evolv- into one. How does this benefit the customers around Rs 1250 crore in the ies. The emergency line of >> The Bank is well ing in leaps and bounds with quicker, benefit the customer and with wider products first year and Rs 3600 crore credit, PCGS along with the aware of the risks asso- faster, smarter being the norm of the the bank? offerings and services. over a period of 3 years, moratorium scheme were ciated with the digital hour. At the first ever Exporters’ Meeting >> The guiding principle The customers are whereas the recurring gain extended to all the eligible channels and accordingly Dorganised by Union Bank of India on March 10, for amalgamation was getting competitive will be around Rs 550 crore borrowers proactively. taken necessary security 1983 in Bombay, one of the most meaningful ‘Best of 3’; under this pricing due to greater per year. steps to provide secure decisions taken was with regard to switching over principle we picked out economies of scale. All gain will ultimately What has been the feed- technology platforms, to computerisation. The volume of cheques with best systems across the If we talk of benefits be passed on to customers back received? keeping the malicious direct entry transactions handled by Union Bank amalgamating banks for for the Bank, the in terms of better services, >> In order to ensure zero programs at bay. The Bank alone was about 40,000 per day and was anticipat- retention, benchmarking amalgamation has better product offerings and disturbance for customers has been proactive in ed to rise to over 45,000 per day over the next two against best in the industry. resulted in synergy overall a better experience. on account of disruptions setting up of cyber secu- years. There was tremendous strain on the staff The amalgamated entity is benefits in terms of caused by the pandemic rity framework to ensure and the only solution to this was computerisation. able to offer a wider reach How has Union Bank of as well as due to integra- that the banking security A memorandum on computerisation of the and distribution network to GOPAL SINGH GUSAIN India catered to myriad tion process, our existing systems are top notch and accounts department of the bank’s branches its customers. The integra- Executive Director, Union Bank of India customer segments dur- customer support systems free from any intrusion/ was placed for consideration before the board of tion of products, processes, ing COVID-19? were strengthened by malfunction. directors. The board agreed in principle to adopt computerisation and to switch over from the manual system currently in operation in the accounts departments of the bank’s branches. This of India an edge over other decision proved to be a boon in other ways too. banks? Counterfeiting of the bank’s Traveller Cheques >> Amalgamation of talent pool, by criminals was on the rise. A study was An edge over other banks customer base, products and conducted to explore the avenues to prevent processes along with wider pres- forging of cheques. With technology entering the it. With pick-up in economic ac- ence would establish our strong management field, the bank took a decision to Union Bank of India will be strengthening tivities, collection efficiencies are position in the industry. We have a go for more mechanisation by purchasing ledger its existing position, venturing into new expected to improve further. branch network of more than 5% posting machines to handle the increasingly of scheduled commercial banks complex work. The ledger posting machines areas and capturing market shares How has Union Bank of India (SCBs) in more than 15 states. We were introduced in 31 branches at various met- handled macro level challeng- have a business share of more ropolitan and urban centres. How has Union Bank of and comprehensive coverage. es and explored new opportu- than 5% of SCBs in 22 States. India been reorienting its We have also introduced pre-ap- nities with the ‘new normal’? Higher market share will help the team across India to engage proved personal loan facility >> The Bank has already Bank to improve its visibility and FACILITATING FINANCIAL customers to a greater extent and Straight through processing started a pilot project where reach to grab higher business and INCLUSION through technology? (STP) for Shishu Mudra loans the customers need not go to an edge over others. >> Digital banking has ensured and MSME Loan renewals. The the branch for documentation Our human capital with an Union Bank of India has always been stead- that customers have access Bank is planning to introduce of personal loans and vehicle average age of around 37 years, fast in its intent to serve the unbanked areas to banking services from the Video KYC for authenticating the loans and as we move on we entails that we have one of of the country. Its efforts to adopt technology comfort of their home. Post-pan- identity of the customers and will expand it to other business the youngest workforces in the into the banking system are also noteworthy. demic, the Bank has focussed on clients during the start of the industry. Further we have been The very concept of nationalisation of banks creating contactless acceptance business relationship. investing heavily in creating was to enable financial inclusion through ex- infrastructure and also enabling DINESH KUMAR GARG infrastructure, which will support pansion of branches in rural and unbanked contactless payment modes. The What has been the response Executive Director, Union Bank of India the Bank’s projected growth centres. A structured approach to financial Bank is providing almost all the to the doorstep banking ser- over the next couple of years. inclusion took shape with the advent of tech- regular banking services through vice (DSB) and loan restruc- for implementation of loan The centralised processing nology. Low cost banking was now financial- internet banking and U mobile turing? restructuring for borrowers under products as well. We are also centres across different sectors ly viable by reaching the unreached. app. The Bank enabled “Tap & >> Our Bank’s 667 designated various segments affected by moving towards digital work- are already in place and we are Union Bank’s Financial Inclusion Plan Pay” facility on our PoS terminals branches are extending DSB COVID-19 crisis. We have identi- places wherein employees have now embedding them with state 2010-2013 was a road map for extend- using National Common Mobility services to customers at 100 fied the eligible borrowers across been encouraged to work from of the art digital platform for a ing all the basic banking facilities to the Cards (NCMC) technology. centres. Since the launch of DSB segments and the field offices remote locations; meetings have better TAT and experience. We unbanked and marginally banked populace. We have introduced a digital service, our Bank has complet- have been entrusted with ap- become virtual with increased believe that over the couple of This was achieved by adopting user friendly and data-driven customer acqui- ed around 11,000 requests to proaching the concerned borrow- productivity and significant time years we will be strengthening technology with the bank’s own branches sition channel ‘U-DiAL’, which has various customers across the ers and implementation. How- and cost savings. our existing position, venturing as well as opting for Branchless Banking been launched across all our Re- country. The response is good. ever, restructuring requests are into new areas, capturing market Units (BBUs) with outsourced partners in a gional Offices on Pan-India basis The Bank has already put in lower than expected and largely What are the aspects that shares, while riding on the back sustainable manner. Priority was given for for facilitating an extensive reach place Board approved policies lesser than the provisioning for continue to give Union Bank of structured reforms. inducting hitherto excluded families to the banking fold.

attention for MSME lending. The Bank is also very active STRATEGY-SPECIFIC APPROACH on ‘psbloanin59min’ portal In an era with eroding product differentiation, Growth ready for next 5 years which helped the MSMEs waning customer loyalty and exploding volume, availing the loans in mini- velocity and variety of data, consumer behaviour mum possible time. and marketing analytics are imperative to main- The amalgamation gave an opportunity to revamp organisation structure and create tain a sustainable competitive advantage. The new verticals Union Bank of India now bank set up a strong Business Intelligence Unit has an opportunity to (BIU) and a framework to harness this poten- Union Bank of India has reach of mid-corporate and Corporation Bank in >> MSME lending consti- scale up and create new tial and to achieve the following goals: Design updated its organisation and large corporate adjusting with new sys- tutes around 20% of our lines of business; what advanced analytics models, generate customer structure in sync with branches. We opened tems and processes. This total domestic advances. are the steps already insights, deliver business campaigns along with its larger size after the regional and zon- program mainly focuses We expect the MSME sector initiated? the business as well as further strengthen the amalgamation process al offices in areas, on building coordination may drive the next wave >> As an amalgamated en- Bank’s position and customer relations. being successfully imple- which are strategically across branches, quicker of transformation of Indian tity, we have identified the mented; how do you see important for the resolution of any queries economy under Make in niche areas of all the three These efforts paid off within a year of its this making a difference Bank. We had formed and people integration. India and AtmaNirbhar Banks. While e-Corporation inception. The project made rapid progress going forward? functional committees Nodal Officers have been Bharat. We have extended Bank had good base in with some initiatives such as: >> Union Bank has a 4 tier for streamlining the nominated in each Region- all necessary support to the low-cost deposits, e-Andhra • A three-layered advanced analytical model organisation structure with integration process at al Office and they are part MSMEs impacted due to Bank had sound agriculture to predict the next product and service to be Corporate Office, 18 Zonal the initial stage itself of the buddy branch groups COVID-19 and lockdowns. advance base. Union Bank pitched to walk-in customers Offices, 125 regional offices and all the milestones under their jurisdictions. The Bank has provided is having a well-established • A simple-to-use lead management system to and over 9500 branches were achieved well Social media platforms moratorium on Loan centralised credit process- provide leads to field functionaries and 13000-plus ATMs with a within the timeline. have been used for creating repayments to MSME and ing mechanisms in place. • An integrated multichannel architecture to customer base of over 120 groups wherein queries and supported them by extend- Union Loan Points (ULPs), generate new leads (e.g., ATM leads) million, and an employee MANAS RANJAN BISWAL issues can be put forward ing the Emergency Credit SARALs, Union SamrdhiKen- • A ‘One View’ of the customer, having all the strength, of over 77,000. The Executive Director, Union Bank of India by these Nodal Officers. Line Guarantee Scheme dras (USKs) were special- customer attributes across demographics, amalgamation also gave us Calendar of activities has (ECLGS). The Bank has ised loan processing units product-holding data and transactions. an opportunity to revamp been prepared for the bud- adopted liberalised assess- for Retail, MSMEs & Agricul- our organisation struc- next 5 years. How have initiatives like dy branches on monthly ba- ment of working capital in ture (RAM) respectively. We ture,creating new verticals COVID-19 induced disrup- the `Buddy branch’ pro- sis. A dashboard is devised select cases to help MSMEs have been aiming to tap THIS SPECIAL FEATURE IS CONCEPTUALISED AND like digitisation,analytics tion was utilised to do all the gram enabled a smoother for review and monitoring tide over the liquidity these strengths to cater the EXECUTED BY centre of excellence,busi- groundwork for laying foun- amalgamation? the nodal officers. crunch and initiated one- banking needs of custom- ness process re-engineer- dation for growth. We also >> The ‘buddy branch’ time restructuring for the ers across wide spread ing,customer relationship extended the centralised programme is a peer-based How has the bank been eligible borrowers. geographies. Digitisation and business development processing structures for Re- program which is aimed at helping small business The Bank has further of products and process is etc. The objective was to set tail/MSME to entire branch handholding the branches and MSMEs during the introduced various cam- another important area the E-mail: [email protected] | Contact: 9820182962 www.theresource24x7.com the bank growth ready for network and expanded the of erstwhile Andhra Bank COVID-19 crisis? paigns to give focussed Bank is giving added thrust. MONDAY, MARCH 1, 2021 CEOs Speak

nion Bank of India, true to its size, is hile Indian Economy is showing decisive sign ndia’s banking and financial system has displayed a significant contributor to the Indian of a V-Shaped recovery in 2021, embarked tremendous operational resilience in the face of Ueconomy and is playing an inclusive role Won its journey towards US$ 5 trillion Ithe pandemic. Through the Atmanirbhar Bharat with sizeable lending to retail, agriculture and economy with thrust on make in India, Union Bank Schemes, they played an important role in alleviating MSME sectors. It is also playing a key role in of India, one of India’s leading bank has continued the distress of the MSME sector, thereafter helping financing corporates, infrastructure, NBFC, HFC’s, to significantly contribute to the country’s economic them in regaining their feet and facilitating growth. Metal and other core sectors. development and has emerged as one of India’s At Edelweiss, 2020 was a milestone year at another JSW Group, has been associated with the Union finest financial institution. Merger of Corporation level,completion of 25 years. From a INR 1 crore Bank of India for over 2 decades and the bank has Bank & Andhra Bank with Union Bank has provided equity capital to a capital base of over INR 8,000 contributed significantly to our growth. They have SAJJAN JINDAL much stronger network and base for Union Bank. BK GOENKA crore with eight businesses in different verticals, we RASHESH SHAH extended host of corporate products. Chairman & MD Today, with support from banks like Union Chairman have built the business on a robust foundation of Chairman Union Bank of India is one of the most customer JSW Steel Limited Bank of India, Welspun Group is the world’s Welspun Group people, culture, customers and strong partnerships. Edelweiss Group friendly banks that we deal with and I must largest home textile manufacturer, second largest Edelweiss Group’s long-standing association appreciate the responsiveness of the management team in extending the line pipe manufacturer and also one of India’s leading road developer with the Union Bank of India began over a decade ago. The Bank has been support needed by the industry. Over the years, JSW Steel has been pursuing having completed India’s first HAM Road project in a record time. Welspun an integral part of the Edelweiss growth journey. We are proud of this both organic and in-organic growth opportunities to expand its footprint in Group’s association with Union Bank of India goes way back to about two partnership which has stood tall through the years weathering economic the steel sector and we continue to partner with Union Bank of India in all decades and it has played a key role in the growth of the Welspun Group by cycles, including this year’s COVID-ridden challenges. The agile and swift our growth plans.The active support from the Bank has held JSW Steel Ltd.as partnering it in the businesses as a key lender. digital transformation across business models, channels, and touchpoints, one of the fastest growing Steel companies in India The successful journey of our association began with the first funding by ensured customer needs efficiently. Edelweiss would like to thank all at Union Bank of India, with over 100 years of banking experience, along Union Bank of India in Welspun’s pipe business and later, the relationship Union Bank who have been silent heroes, risking their lives as they continued with the recent additions of the Corporation Bank and Andhra Bank each further deepened with participation of Union Bank in our textile business, to ensure minimal disruption in services and helped individuals and small one of them bringing in their legacies has catapulted Union Bank of India and India’s first HAM project and it has recently participated in our advance businesses stay afloat.We salute their professionalism and commitment as to become India’s 4th largest bank. The Bank has now embarked upon its textile business catering to Health & hygiene business of the group. they served the nation during these challenging times. ambitious digitalisation programme to provide the next level of banking We strongly believe that post-merger with a strong management team, its As Union Bank of India grows to become the fourth largest public sector experience to progressive India. With the vision and commitment, we are systems and focus on customer delight, Union Bank of India will scale new bank in terms of branches and the fifth largest in terms of business, post sure the Bank will progressively grow its presence and continue to play a peaks. Welspun Group is delighted to be associated with Union Bank of India, amalgamation with Andhra Bank and Corporation Bank, I extend my warm significant role in the economy. as it embarks on its next wave of growth. We at Welspun look forward to our wishes to the team and applaud the ever-expanding digital foot print JSW wishes Union Bank of India all the best and success on this 102-year fruitful and continued association filled with renewed energy and passion to of the Bank, keeping in mind the customer as its ultimate focus. Hearty onward journey. excel as we mutually complement each other in the growth journey. congratulations and we look forward to a stronger association as always.

ndia’s emphasis on augmenting infrastructure and nfrastructure is India’s key economic growth t Capri Global Capital Ltd, we believe that renewable energy, coupled with lifestyle-driven driver and it has also been given top priority by credit facilities are not merely a financial Idemands has given impetus to the demand for wires Ithe government. As a prominent civil construction Atransaction but are a means to build better and cables. As amongst India’s top manufacturers, firm and leading player for implementing road lives. Equal access to capital can drive the collective KEI Industries has been a key player in this scenario projects, G R Infraprojects Limited has been playing progress of a society. Our focus is to support the with a comprehensive product portfolio, ranging from a significant role in nation building. Our experience grassroots entrepreneurship that creates economic housing wires to Extra High Voltage (EHV) cables. of project execution in over 15 states of India over value in a developing country like ours. The MSME Leveraging our in-house cable production, a 25-year period with 100+ projects executed over sector, even after showing positive growth indicators we have strategically forward-integrated into the last 13 years have had a positive impact and remained a substantial underserved market. Engineering, Procurement and Construction (EPC) contributed towards India’s development goals. The sector has seen a dedicated focus from the ANIL GUPTA VINOD KUMAR RAJESH SHARMA services for power and transmission projects. With Chairman-cum- We have consistently raised benchmarks in all AGARWAL government and policymakers have announced a Managing Director a vast network of distribution partners allows KEI to Managing Director spheres of our company’s activities. This is reflected Managing Director raft of measures for the sector to get easy access Capri Global Capital efficiently market needs and expand its domestic KEI Industries Limited in our focus on road sector, visible growth in order G R Infraprojects Limited to credit for sustainable business growth. The Limited reach. At the core of KEI’s strategic focus on book, strong credit rating and efficient business support from public sector banks has especially production quality, its diverse portfolio and competitive pricing, is the value model, established track record of timely execution, vertical integration model, been remarkable, who are not only aiding the credit access directly but also that the company places on its customer and supplier relationships. which underpins effective execution and robust financial performance. As a through the efficient and vast NBFC partners. We believe when we support With over five decades of market experience and expertise, KEI, the ‘Superbrand’ part of our diversification strategy we have also forayed into the railway sector. the hardworking entrepreneurs and households, their lives will be uplifted is well-known across geographies and segments; be it in India or overseas, retail or As we evolved and expanded since our inception in 1995, our execution materially and even emotionally – for today and the future. institutional. Being strong proponents of modern technology we have exemplified capabilities and quantum of projects undertaken increased exponentially, For the past 10 years, Union Bank of India has stood by us as a most how innovation is the key to leadership. As customers, we have observed these as did our banking requirements. As both of these rose in tandem, it was valued partner in all our endeavours. Our association with this centenarian admirable qualities in Union Bank of India during our interaction with them over important for us to partner with the right banking institutions; those that bank has always proved to be a positive reinforcement of our aspirations and the past five years. In a market that is shaped by constantly evolving demands, would understand the importance of our dynamic initiatives and empower values. Their accommodative business solutions and customised services KEI’s biggest achievement has been to remain steadfastly consistent and this is an us to accomplish them. have proved to be a boon for our business model. The strong commitment, aspect that also defines Union Bank as a banking institution that has evolved with Union Bank of India has been one such facilitator for G R Infraprojects comprehensive knowledge of our borrower’s profile and operational the times. KEI is present in almost every significant city, with branch offices and Limited and consequently, India’s infrastructure sector as well. For the past understanding of our business has added to the successful association. As caters to clients worldwide; The bank’s widespread network across India and the five years, they have enabled us to achieve our objectives and thereby, been we aim to give the wings of confidence to our customers, Union Bank of globe makes them the perfect banking partner for us. Our best wishes to Union a constant factor in our growth story. Today, we congratulate Union Bank of India has aided us in our flight of success. We congratulate the bank on its Bank for an even larger network post-amalgamation, we look forward to a long India on its 102-year long journey and its elevation to India’s fifth largest 102-year long journey and look forward to building a stronger and more and mutually beneficial relationship with them going forward as well. bank in India in terms of total business post the recent amalgamation. meaningful partnership.

ith a focus on innovation, ethics, productivity AN Industries (India) Limited,a three decade IS is honoured to have been part of Union Bank and technology, APAR has maintained company is one of the leading manufacturers of India’s journey for close to two decades. Wpole position in India in all its business Mand exporters of large diameter Carbon Steel F The partnership began with FIS providing segments. With over six decades of experience and Line Pipes for various high-pressure transmission Debit Card Management System (DCMS) services $1 billion in revenue, APAR provides solutions to applications for Gas, Crude Oil, Petrochemical Products and Visa & Master gateway connectivity for the bank, customers in over 125 countries. and Water Infrastructure. It has global presence with a unique implementation in which FIS hosts on a It is one of the largest conductor manufacturers offices in UAE & USA. The company has a consistent dedicated platform and interfaces with Union Bank in the world and also the largest Transformer oil track record of profit and rewarding its shareholders. core banking system (CBS) and Switch without manufacturer in India and the 3rd largest transformer The company holds an excellent track record of manual intervention. Over the last several years, oil player globally. The Cables solutions business is meeting its financial obligations promptly in the FIS has managed and issued millions of debit cards KUSHAL DESAI DR RAMESH C SHRIHARI BHAT the largest manufacturer in India of speciality cables CMD most challenging market conditions. With strategic MANSUKHANI for Union Bank and provides more than 1,200 Head of Sales – APMEA for the renewable energy sector, and one of the Apar Industries Ltd investments and continuous growth, the company has Chairman ATMs through an end to end total implementation Banking Solutions, FIS largest suppliers of cable solutions to the Indian emerged out as a prominent player in the league of MAN Industries (India) solution under the Opex model. Railways, Defence and the Mining sector. Apar is also the largest private world-class manufacturers of Line Pipes and Coating Limited For the past 3 years, FIS has been providing Union Bank with its FIS’ Enterprise sector manufacturer in India of Speciality oils and lubricants. It manufactures a Systems. It is an approved manufacturer for line Pipes Fraud and Risk Management (EFRM) Solution, Memento. As the first ever comprehensive range of oils and batteries under the Poweroil, Arkos and ENI by almost all the domestic as well as International Companies. The company implementation of an Artificial Intelligence (AI)/ Machine Learning (ML)-based brand names. The company’s commitment branches out organically to society has manufactured and supplied more than 13,000 Kms. of line pipes across platform in a public sector bank following Reserve Bank of India’s directive, at large and to the environment. It contributes significantly to innumerable the world for various applications. Some of its major domestic and international Memento provides Union Bank with the necessary infrastructure to support a meaningful CSR activities especially in the Education and Health care sectors. clientele includes GAIL, HPCL, IOCL, BPCL, ONGC, Reliance, Adani, EIL, BHEL, L&T, true enterprise fraud management capability, and allows Union Bank to redefine Imbued with this heritage, we at APAR today are poised to embark on our GTCL, SHELL, ADNOC, Kinder Morgan, Kuwait Oil Company, Hyundai Engineering the enterprise.In addition, Memento ensures that Union Bank can address non- Mission ‘To Design and manufacture building blocks for Energy Infrastructure, and Construction Ltd., PetroBangla, NPCC, PETROBRAS and many more. traditional attacks using AI and ML capabilities to identify patterns. The Memento Transportation and Telecommunication Sectors that contribute meaningfully MAN Industries has been banking with Union Bank of India for the last solution has also successfully reduced Union Bank fraud management costs FIS to make this world more energy efficient, environmentally sustainable and a 20 years. Our experience with the Bank has been a very positive one, with has integrated its EFRM with more than 30 live and key applications and interfaces safer place.’ By leading the Innovation curve, we deliver to our global customer the accommodating and positive approach of every individual in Union Bank connected to multiple solution platforms including CBS, Switch and Delivery base “Tomorrow’s Solutions Today”. APAR has a long standing relationship of India is highly appreciable. We applaud their hard work in maintaining channels. As part of Govt of India/MOF initiative on amalgamation of larger PSU with Union Bank for over 60 years as our Bank of 1st Choice. Union Bank excellent customer service and support. We have been able to deliver banks in 2020, we are happy to extend our relationship to provide support on all has the largest share in the limits to the Company. Union Bank has been with projects on time due to timely assistance from Union Bank of India. The engagements to the amalgamated entity of Union Bank with Corporation Bank APAR throughout its journey extending working capital and term loans. We company is grateful to the management and employees for the long and and Andhra Bank. The EFRM application stability has withstood the test of time look forward to have a long lasting mutually beneficial relationship. fruitful association with the Bank. as applications and solution vendors frequently change, evolve or upgrade.

ukhbir Agro Energy Limited (SAEL) is a nion Bank of India, one of India’s largest banks, very new business needs to identify an ideal diversified business conglomerate in the is a household name across the country. Since banking partner and MTC Group found that Ssphere of Agro (Rice Milling), Solvent Uits inception in 1919 by Gandhiji, the Union Ecompanion in Union Bank of India. They have extraction, Rural warehousing and Renewable Bank of India trustworthy banking institutions that been our bank for the past 20 years, right since Energy (Solar & Biomass). always put customer’s interest first. The role Union MTCs inception. Over two decades, MTC’s turnover In addition to Food Processing & warehousing Bank has played over decades in Indian economic has grown exponentially and multi-fold. We are activities, SAEL has also done remarkable achievement development has been exemplary. It has always been extremely thankful to Union Bank of India for their in the field of renewable energy and in this segment, a sought-after financer to cater to various industries, contribution towards this transition in our revenues it is considered pioneer and one of the largest renewable energy, infrastructure, and agriculture. and consequently, bottom line as well; the bank power producer in the country from Biomass, which Avaada’s association with Union Bank of India too considers us among their prime customers JASBIR SINGH VINEET MITTAL NARENDRA MEHTA are based on 100% paddy straw as fuel. Presently, Managing Director began in 2011 when India’s renewable energy sector Chairman given the volume and value of our business Managing Director the company has operational capacity of 65.5 MW Sukhbir Agro Energy Ltd. was nascent. During our growth journey, Union Avaada Group transacted with them. MTC Group of biomass power plants and additional capacity Bank of India showed its confidence in Avaada’s They have always understood our working capital of 25 MW Biomass Power Plants is under implementation. The company is management. During our initial journey (as Welspun Energy) of building India’s and loan requirements. We always strictly adhered to their norms and followed on forefront for fight against environmental air pollution mainly because of most extensive solar portfolio of 1140 MW, Union Bank of India was one of the the guidelines outlined by Union Bank of India, cementing the trust factor. MTC, stubble burning in the agrarian states of Punjab and Haryana. the leading lenders. It financed some of our flagship projects in Madhya Pradesh which started off with a relatively low credit limit, today enjoys a substantially SAEL started dealings with Union Bank of India in the year 2016 as a (155 MW DC – Asia’s largest solar project at the time of commissioning) and higher credit limit on the basis of its consistent and reliable financial performance. member bank in the consortium of its upcoming 50 MW solar power project Rajasthan (55 MW). The association continued as we restarted our journey in MTC has a number of international subsidiaries spread across the globe and to be set up in the State of UP. Since then, the relationship with Union Bank our new Avataar – Avaada Energy. Union Bank of India became our first lender they are banking with Union Bank of India as well. So it is a concrete example of India has become stronger for the company in achieving its goals. Union in Avaada and supported us with bank guarantee of Rs. 250 Cr followed by of how two institutions from different spheres can develop at a rapid pace, with Bank of India remains in the forefront of funding various projects of the term loan for our projects in Khamgaon (50 MW) and Buldhana (50 MW), the same goals to progress simultaneously in their respective fields. MTC and company relating to renewable energy. The commitment shown by the aggregating amount of Rs. 365 Cr. India is committed to increasing the share Union Bank of India have a foundation of mutual respect and registered growth Union Bank of India in the company is exemplary and is well reflected from of non-fossil fuel and announced its ambitious target to install 175 GW by in a sustained manner as well. Our experience with Union Bank of India has the financing structure of the company. Even during the ongoing COVID-19 2022, targeted to reach 450 GW by 2030. Avaada Energy and its partners like always been a very positive one. The accommodating and positive approach of period, the bank continued to support the company in extending finance Union Bank of India are focusing on making the world a cleaner, greener place. every individual in Union Bank of India is highly appreciable. We applaud their as per extant RBI/Bank’s guidelines from time to time and also funded Avaada Energy is delighted to be associated with Union Bank and embark on hard work in maintaining excellent customer service and support. We have been 50 MW Solar power project under consortium arrangement expeditiously its next wave of growth. Avaada is now on the way to innovate and create new able to deliver projects on time due to timely assistance from Union Bank of which has just been commissioned. Union bank of India is first port of call benchmarks in clean energy generation. We are confident that with exceptional India. MTC is truly grateful to the management and employees of Union Bank of for the company for any additional funding requirements. financial institutions like Union Bank, we will achieve the same. India for the long and fruitful association with the bank.