MICROCAPITAL BRIEF: Union Bank of India (UBI) Launching Microfinance Schemes Under “unioninclusions”

Union Bank of India (UBI), a nationalized bank with approximately USD 44 billion in total assets, recently announced the launch of “unioninclusions” in an effort to deepen financial inclusion. Announced in Mumbai by Shri Pranab Mukherjee, India’s Finance Minister, the initiative includes the following five schemes: 1) the opening of 11 specialized financial-inclusion branches; 2) biometric card-to-card remittance facility for migrant laborers; 3) mobile van banking to serve unbanked villages in the state of Odisha; 4) publication of a comic book series intended to spread financial literacy among illiterate people in rural areas; 5) funding solar power for Union Adarsh Gram, a program launched by UBI in June 2010 to adopt 101 rural villages across India to offer development and modernization.

“unioninclusions” is part of Swabhimaan, a nationwide program launched in February 2011 by the Indian government to bring banking services to rural areas in the country.

by Carol Kim, Research Associate

About Union Bank of India: Union Bank of India is a bank in which the government owns approximately 55 percent of the share capital. Based in Mumbai, UBI was registered on November 1919 and inaugurated by Mahatma Gandhi. As of March 2010, the bank had total assets of approximately USD 44 billion and a loan portfolio of approximately USD 27 billion.

Sources and Additional Resources:

“Union Bank of India Announces unioninclusions”, http://www.unionbankofindia.co.in/%5CCat%5CUploadNews%5CPR-5inclusion.pdf

Sify: “Sonia Gandhi launches ‘Swabhimaan campaign’ in Delhi” February 10, 2011, http://www.sify.com/news/sonia-gandhi-launches-swabhimaan-campaign-in-delhi-news-national-lckv4chbcjg.html

Union Bank of India: “Union Adarsh Gram”, http://www.unionbankofindia.co.in/Cat/UploadNews/unionadarsh.pdf

“Pradhan Mantri Adarsh Gram Yojana’ launched in Rajasthan”, http://news.oneindia.in/2010/07/23/pradhanmantri-adarsh-gram-yojana-launched-inrajasthan.html

MicroCapital.org: “State-Owned Union Bank to Offer Microcredit in Indian State of Andhra Pradesh”, November 23, 2011, https://www.microcapital.org/microcapital-brief-state-owned-union-bank-to-offer-microcredit-in-indian-state-of-andhra-pardesh/

MicroCapital’s Universe Profile: Union Bank of India, https://www.microcapital.org/microfinanceuniverse/tiki index.php?page=Union+Bank+of+India

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