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BANKING TECHNOLOGY | Tony Chua, India
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Union Bank of India targets 2,500 additional ATMs

The lender is to set up five fully automated branches in Tamil Nadu to address the growing need for electronic banking.

Union Bank of India said it will increase the number of its ATM outlets to 5,000 from the present 2,500 before March 2012.

Additionally, five 'Banks of the future'-fully automated branches, would be set up in Tamil Nadu, bank's General Manager (Alternate Channels and New Initiative Department) Lalit Sinha said in a report in The Economic Times.

While addressing a press conference he said 50 per cent of the transactions in 2010-11, were done through Electronic Mode, up from 35 per cent two years back and this would be increased to 60 per cent and the bank is "working in that direction for now."

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