UNION BANK LAUNCHES SELF USER CREATION FOR INTERNET BANKING

Union Bank of India today announced the launch of its“ SELF USER CREATION ”  facility for  users of the Bank’s internet banking service. This enables retail customers to generate their own Passwords for Internet Banking. The simple process is enabled by the CBS service provider Infosys Technologies Ltd.
All that the customer needs to do is to enter a few details in the link provided on the Bank’s website. Once these personal details are verified, the system enables the customer to create his own Password . As a security measure, the customer will get an SMS alert as well as an e-mail intimating him that the facility for self generation is opted for by him.

ACTIVATION WITHIN 48 HOURS FOR FIRST TIME USERS

For first time users, the system allows them to log in with their new chosen passwords within two days of the submission of their request. This is the outer limit . Those who are already using the Internet Banking facility of the Bank, can create their own passwords and start operations immediately without any waiting period.
Added conveniences are  that customers can use this facility anytime anywhere and it is  absolutely free of charge. This facility is extremely useful  even in cases where the customer forgets his password. Though this facility is extremely useful to all customers it is particularly useful for NRI customers and those who tend to travel a lot away from home.
“This is part of Union Bank’s continuing endeavour to make its technology based products and services more user friendly and convenient. Our customer can decide on the channel of his choice and convenience when he uses our products and services,   ” said Shri M.V. Nair Chairman and Managing Director  Union Bank of India.
Union Bank of India is the first public sector bank to offer this facility. The Bank has been introducing , much ahead of its peers, several technology based innovative products such as Readykit system of Debit Cards, SMS Banking, Mobile Banking, Online RTGS and Online NEFT. The Bank recently launched Merchant Acquiring Business through POS terminals.

Union Bank is a large Public Sector Bank in the country. At the end of March2009, the Bank had a total business mix of Rs.236968 crores registering a growth of 31.84%.The total deposits of the Bank reached a level of Rs.138703 crores growing at 33.55%   and the total advances were Rs.98265 crores. The net profit of the Bank for the financial year 2008-09 was Rs.1727 crores. The gross NPA level is reduced to 1.96% while the Net NPA of the Bank is 0.34%.The Capital Adequacy ratio is at 13.27% as of March2009 as per BASEL II. The Bank is BASEL II compliant. Bank aims to reach business mix of Rs.293000 crore by the end of March 2010.