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01st Sep 16 Union Bank of India will reduce its MCLR from September 1, 2016
Union Bank of India has reduced its Marginal Cost Based Lending Rate (MCLR) by 5 basis points (bps) across maturities. The 1 year MCLR has been reduced to 9.4 percent from the current rate of 9.45 percent. The 2 year and 3 year MCLR is reduced to 9.45 and 9.5 percent respectively. The 3 month and 6 month MCLR has been reduced to 9.25 percent and 9.35 percent respectively. Similarly the Overnight and 1 month MCLR has been reduced to 9.15 and 9.2 percent. These changes are effective from 1st September, 2016. For borrowers who have taken a home loan from Union Bank of India after 1st April 2016, the reduction in MCLR will translate into a reduction in their floating home loan rates and hence their interest outgo.
11th Aug 16 Union Bank of India app allows users to control credit card transactions
Union Bank of India has launched an app called UControl for its customers that will allow them to block transactions and set limits over their credit cards. This app will also allow customers to block certain transaction channels such as ATM withdrawals, in store transactions, Internet transactions and foreign transactions. Through this app, customer can also monitor and analyze spends of dependents or joint cardholders.
08th Aug 16 Union Bank of India Q1 profit falls to Rs 166.32 crore
Union Bank of India Ltd reported a fall of 68 per cent in net profit to Rs. 166.32 crore in the first quarter of FY17. Net interest income of the bank decreased to Rs. 2102.25 crore against Rs. 2130.17 crore during same period of FY16. Gross NPAs of the bank as a percentage of total loans increased by 12.86 per cent to Rs. 27280.90 crore in the first quarter of FY17.
26th May 16 Union Bank of India launches product to facilitate stamp duty and registration on property purchases
Union Bank of India launched e SBTR (Electronic Secured Bank Treasury Receipt), a facility for a single window payment facility of both stamp duty and registration fee for home purchase in Maharashtra. The e SBTR allows payment without any ceiling and is available on 24x7x365 through internet banking. The facility makes it possible to do the necessary paper work and formalities on line and get the endorsement of the final document at the branch level at one go.
14th May 16 Union Bank of India Q4 net profit plunges 78% as bad loans rise
Union Bank of India reported a 78% drop in its fourth quarter profit as it raised provisions for bad loans. Company net profit fell to 961.2 million rupees on a standalone basis for the fiscal fourth quarter ending March 31, from 4.44 billion rupees a year earlier. Gross bad loans as a percentage of total loans increased to 8.70% in the March quarter from 7.05% in the December quarter. Provisions, including for loan losses, were 55% higher compared with last year at 15.65 billion rupees.