Union Bank of India has granted approval for 20,000 Banking Business Correspondent (BC) point for Nextgen Vakrangee Kendra to Vakrangee Finserve, a subsidiary company of Vakrangee.
The Bank shall allot in a batch of 2,500 BC points whereby 70-80% of BC points would be in Tier 5 and 6 locations and which would include 5% of the outlets to be opened in aspirational districts and Left wing extremism (LWE) areas.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories – Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.