Aussie Fintech Findi Secures ₹500 Crore Deal from Union Bank of India to Roll Out 900 ATMs Across India

Findi Ltd (ASX: FND), through its majority-owned Indian subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has secured a significant contract with Union Bank of India to deploy 900 additional ATMs across the country. This strategic partnership, valued at approximately INR 500 crore in revenue and INR 200 crore in EBITDA over a 7+1 year period, further strengthens Findi’s position as India’s most capital-efficient and trusted Brown Label ATM (BLA) service provider.

Findi, through TSI, currently has over 9,000+ Brown Label ATMs in its portfolio, covering 13 major Indian banks, including SBI, HDFC Bank, and Central Bank of India. With the addition of Union Bank of India to its portfolio, Findi continues to bridge the financial services gap, providing critical banking infrastructure to underserved urban and rural communities across India. This expansion aligns with Findi’s broader vision to strengthen its ATM operations and enhance financial service accessibility across its extensive merchant network.

This partnership marks Findi’s third major deal this year. Recently, through TSI, Findi acquired BankIT, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant network to 180,000+. Additionally, Findi has secured RBI approval for the 100% acquisition of Tata Communications Payment Solutions Ltd, further consolidating its leadership in the financial services sector.

Deepak Verma, MD and CEO, Findi said, “We are excited to partner with Union Bank of India in this significant expansion of our ATM network. This partnership highlights the trust that leading Indian banks place in Findi’s expertise and efficiency as a partner. By expanding our footprint, we are enhancing banking access, particularly in semi-urban and rural areas, while driving financial inclusion and supporting India’s vision for a more connected, digital economy.”

The partnership with Union Bank of India aligns with Findi’s vision of building a comprehensive financial services marketplace, seamlessly integrating ATMs with its growing merchant network. This move will help in enabling millions of Indians to access essential banking services with greater ease and convenience.

Accenture To Work with Union Bank of India To Build New AI and Machine Learning Models

Union Bank of India, a leading public sector bank in India is collaborating with Accenture (NYSE: ACN) to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.

Accenture will work with Union Bank of India to build new AI and machine learning models that can help generate actionable insights for improved business forecasting, facilitate personalized offers for customers and enable intelligence for fraud detection, prevention, and mitigation.

This program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk.

Using predictive analytics, machine learning and artificial intelligence, this platform will leverage structured and unstructured data from within the bank as well as from external sources to generate business-relevant insights.

The program will enable the bank to develop robust data visualization and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes. Employees will have access to business intelligence that can enhance customer service and operational agility across the bank’s branches, contact centers and digital channels. As a result, the bank will be able to make informed decisions and identify new data-led opportunities for value creation. These will have an impact across its business portfolio including corporate, retail, and micro, small and medium enterprises (MSMEs) banking, and as well as across functions like risk management, treasury, customer service and operations, among others.

A. Manimekhalai, Managing Director & CEO, Union Bank of India said, “Leveraging advanced analytics and AI, we see potential to unlock tremendous value from data - to form meaningful customer relationships, enhance employee productivity and achieve profitable growth. This collaboration with Accenture is a key step towards our goal to evolve into a data driven and digitally forward bank that supports the next generation of banking services.”

Sandeep Dutta, Senior Managing Director and Lead - India Business, Accenture said, “The democratization of data-driven insights enabled by AI, generative AI and analytics is crucial to fostering a culture of customer-centricity, agility, and innovation. We look forward to working alongside Union Bank of India to shape their growth journey.”

Union Bank of India, established in 1919, is one of the largest Public Sector Banks in India with total business of ₹ 19.84 Trillion as on September 30, 2023. Union Bank of India has customer base of over 21.00 Crore (Approx.) and operates through 8,521 Domestic Branches and International Branches, 10,013 ATMs and workforce of over 76,700 employees. Union Bank of India has 9 Subsidiaries/JV/Associates across various Industries viz. Insurance, Banking, Asset Management, inter alia.

IREDA Partners Union Bank of India and Bank of Baroda To Co-Finance Renewable Energy Projects in Tier-2/3 Cities and Rural India

The Indian Renewable Energy Development Agency Ltd (IREDA) has signed MoUs with Union Bank of India (UBI) and Bank of Baroda (BoB), on September 5, 2023, to accelerate the growth of renewable energy in India, particularly in tier-2 & tier-3 cities and rural areas.

The MoUs signed with UBI & BoB will empower IREDA to collaborate in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging Renewable Energy technologies.

In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.

Expressing his happiness about these partnerships, CMD of IREDA, Shri Pradip Kumar Das said, "Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches."

"This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers. We are confident that by combining our strengths and resources, we will continue to serve our customers in alignment with the vision of the Prime Minister for Atmanirbhar Bharat and sustainable growth," the IREDA CMD said. 

Recently, IREDA has also signed an MoU with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects including Small Hydro projects. Both the entities will strive to also fix interest rates for IREDA borrowings for a period of 3 to 4 years.

As on 21 August 2023, IREDA has financed 3,137 renewable energy projects with cumulative loan sanction of ₹1,55,694 crore and loan disbursement of ₹1,05,245 crore and has supported renewable energy capacity addition of 22,061 MW in the country.

IREDA recorded its highest-ever loan sanction of Rs 2,3921.06 crore and disbursement of around Rs 16,070.82 crore in 2021-22.

Formed in 1987 as a Mini Ratna (Category – I) Government of India Enterprise, IREDA is administratively controlled by the Ministry of New and Renewable Energy (MNRE). It is a Public Limited Government Company and a Non-Banking Financial Institution with an objective of setting up projects relating to new and renewable sources of energy across India.

Union Bank of India Partners with IBM To Co-Create State-of-the-Art Digital Business Platform

Union Bank of India Partners with IBM to Accelerate Holistic Digital Transformation with Future Ready Capabilities

Union Bank of India, one of the leading public sector banks in the country, takes a giant leap towards a future-ready and customer-centric approach with its ambitious Digital Transformation initiative. In a strategic move to usher in a new era of banking, the bank has partnered with M/s IBM India Pvt Ltd, a renowned technology system integrator, to co-create a state-of-the-art Digital Business Platform.

Left to Right are:  Ms. Lula Mohanty, IBM, Managing Partner, Ms. Manimekhalai, MD & CEO, Union Bank of India, Mr. Nidhu Saxena Executive Director & Mr. Ramasubramanian S., Executive Director.

This landmark collaboration aims to establish a Digital Bank, equipped with cutting-edge capabilities that focus on omni-channel experiences, data-driven hyper-personalization, and an extensive financial services superstore designed for seamless cross-selling and upselling. The Digital Business Platform will also facilitate full digital journeys, providing customers with unparalleled convenience and efficiency. Furthermore, the bank will embrace Open Banking capabilities, allowing for seamless integration of services across multiple partnerships.

"At Union Bank of India, we are dedicated to empowering our customers with innovative products and unparalleled banking experiences. Our collaboration with IBM India Pvt Ltd represents a significant milestone in our journey towards a comprehensive Digital Transformation," said the Managing Director of Union Bank of India. "We are committed to creating a future-ready banking ecosystem that prioritizes customer satisfaction and convenience."

Union Bank of India Signs an MoU With IIT (BHU) Varanasi for Setting Up a Joint Incubation Centre

An MoU was signed between IIT (BHU) Varanasi and Union Bank of India for setting up a joint incubation centre. IIT (BHU) Varanasi Dean-(R&D) Vikas Kumar Dubey and Union Bank Zonal Head, Varanasi, Girish Joshi signed the MoU in the presence of Director of IIT (BHU) Varanasi, Sri Pramod Kumar Jain.

Mr. Girish Joshi (Union Bank Zonal Head Varanasi), flanked to his right by Deputy Zonal head Mr. Subhrajit Guha), to his left Director of IIT (BHU) Varanasi, Mr. Pramod Kumar Jain to his extreme left IIT (BHU) Varanasi Dean-(R&D) Vikas Kumar Dubey

The name of this incubation centre will be ‘IIT (BHU) Varanasi-Union Bank of India Incubation Centre’. The JIC is being set up with financial support from Union Bank of India and the operations will be managed by IIT (BHU) Varanasi.

For Union Bank of India, it is mandatory to serve the society and the customers of the Bank by financing technological advancements in both manufacturing and services in line with the spirit of Atmanirbhar Bharat. Through the Incubation Centre, Union Bank will provide all kinds of financial support to the youth for self-employment. The Director of IIT (BHU) Varanasi also welcomed the proposal to initiate technological advancement research program based on the feedback of the entrepreneurs who are customers of Union Bank of India.

Union Bank of India Signs MoU with Cyber Security Centre of Excellence (CS-CoE), Deptt. of IT & Electronics, Govt. of West Bengal

Union Bank of India today entered into MoU with Cyber Security Centre of Excellence (CS-CoE), Department of IT & Electronics, Govt. of West Bengal under Bank’s Cyber Security Centre of Excellence (CCoE) initiative, according to which Cyber Security Centre of Excellence, West Bengal will provide information, cyber security awareness and other training material/content which will be utilized by Bank for cyber security awareness programs / workshops for the Bank’s stakeholders.

The Memorandum of Understanding (MoU) was signed between Union Bank of India and Cyber Security Centre of Excellence, Department of IT & Electronics Govt of West Bengal at a virtual event held through video conferencing at the Bank’s Central Office in Mumbai and at Cyber Security Centre of Excellence, Govt of West Bengal, Kolkata. 

The event was attended by MD & CEO Ms A. Manimekhalai, all the Executive Directors – Shri Nitesh Ranjan, Shri Rajneesh Karnatak, Shri Nidhu Saxena and Shri Ramasubramanian S and Chief Information Security Officer Shri K M Reddy. Shri Sanjay Kumar Das, Member Secretary, Cyber Security Centre of Excellence, Department of IT & Electronics, Govt. of West Bengal attended from Kolkata.

The content provided for the Information/ Cyber Security Awareness shall be used by the Bank for various delivery channels like Social Media, Banks website, Emails, Media, E-Magazines, Radio, Booklets etc.

Union Bank of India Launches MetaVerse Lounge and Open Banking Sandbox Environment

Union Bank of India today announced the launch of Metaverse Virtual Lounge & Open Banking Sandbox environment at an event held at Mumbai.

Uni-verse, the Metaverse Virtual Lounge of the Bank, hosts Bank’s products information and Videos in the initial phase. Uni-verse will deliver a unique experience of Banking to the Customers who can roam around the Lounge, get information of Bank’s Deposit, Loan, Govt. Welfare Schemes, Digital initiatives etc. as if they are experiencing real world. This initiative is in partnership with M/s Tech Mahindra.

Union Bank of India also launched Open Banking Sandbox environment through which it will collaborate with Fin Techs and Start-Up partners for developing and launching innovative Banking products. Sandbox environment empowers Fin Techs and developers by providing a platform which will realize their ideas.

Ms. A Manimekhalai, MD&CEO, Union Bank of India, affirmed Bank’s adoption of latest technologies including Metaverse which transforms Customer’s Banking experience to another level. Further, with the launch of Sandbox, Bank is ushering into Open Banking environment which will not only turn Third Party developers’ innovative ideas into reality but will also pave path for new avenues.

Shri Nitesh Ranjan, Executive Director, Union Bank of India, reiterated Bank’s commitment of facilitating innovative Banking experience to its Customers through the launch of Metaverse and Sandbox.

Union Bank of India Becomes 1st PSU Bank To Go Live on Account Aggregator Ecosystem

Union Bank of India becomes the first public sector Bank to go live on the Account Aggregator Ecosystem for participating in Govt. of India’s Digital Initiatives.

The Account Aggregator Ecosystem helps the Lenders to leverage on Digital data acquired with the consent from the Customers for providing them a seamless journey and eliminating the need of physical documentation. Financial Information User (FIU) can request for data from the Financial Information User (FIP) based on a simple consent given by the Customer on their Account Aggregator handle.

Union Bank of India endeavors to work both as FIP and as FIU enabling its Customers to share Data digitally on real time basis. Union Bank has implemented the technology stack as per the Reserve Bank Information Technology (ReBIT) guidelines.

The Account Aggregator (AA) Ecosystem which went live in September 2021 has seen active participation from Banks/NBFCs in the country.

The Account Aggregator framework, introduced by the RBI, aims to make financial data more accessible by creating data intermediaries called Account Aggregators (AA) which will collect and share the user's financial information from a range of entities that hold consumer data called Financial Information Providers (FIPs).

HomeFirst Partners with Union Bank of India for Co-lending

HomeFirst enters into a strategic co-lending partnership with Union Bank of India. Partnership will leverage strong lending technology infrastructure of HomeFirst and large deposit franchise of Union Bank with strong existing risk-management practices.

Union Bank of India (UBI) & Home First Finance Company India Ltd (HomeFirst) enter into a strategic co-lending partnership to offer home loans to customers at competitive interest rates. The partnership aims at leveraging the strengths of both entities to provide a seamless experience to retail home loan customers in the priority sector.

This partnership will enable HomeFirst to expand its product offerings to customers in the geographies it operates, while continuing to leverage its technology led customer-first approach.

UBI (established in 1919) is one of the oldest and largest public sector banks in India with total deposits base of over Rs 9.14 Lakh Crores and advances book (AUM) of Rs 6.35 Lakh Crores as on Sept’21.

Under this partnership, HomeFirst will originate loans as per the agreed credit policy of UBI in line with the provisions of RBI’s Co-Lending Model. HomeFirst will retain minimum 20% of the loan on its book while 80% will be on UBI’s book. HomeFirst will act as a servicing agent for the loan accounts sourced under this partnership throughout the life cycle of the loan.

The partnership is an outcome of the co-lending framework laid down by Reserve Bank of India (RBI) which provides a collaboration model to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Commenting on the agreement, Mr. Manoj Viswanathan, MD & CEO said

We are pleased to partner with Union Bank of India. We can now leverage Union Bank of India’s deposit-led franchise and complement that with our strong technology-led distribution to provide efficient home loan solutions to a wider gamut of customers. This partnership is one more step in our mission ‘to be the fastest provider of home finance for the aspiring middle class, with ease and transparency.

Shri Birupaksha Mishra, assumes charge as Executive Director of Union Bank of India

Shri Birupaksha Mishra assumes charge as Executive Director of Union Bank of India. Prior to this, Shri Birupaksha Mishra was Executive Director at Corporation Bank.

Shri Birupaksha Mishra is a Postgraduate and a Certified Associate of Indian Institute of Bankers (CAIIB). He started his banking career as a Probationary Officer in the year 1984 and has a rich experience of more than 35 years in various administrative and functional capacities at Branches, Regional Offices and also at the Corporate Office.  

He has worked in various parts of the country and has handled Credit and Credit Monitoring Portfolio of the Bank and headed  IT vertical of the Bank.

Union Bank becomes India’s fifth-largest public sector bank

Union Bank of India, erstwhile Andhra Bank and erstwhile Corporation Bank are now one bank. By coming together, they hope to harness rich individual legacies and forge a dynamic shared future.

As of today, all employees, customers and branches of Andhra Bank and Corporation Bank will become part of the Union Bank of India family.

Union Bank of India now offers a wide array of products and services to more than 120 million customers across our 9500+ branches and 13500+ ATMs. Combined, they are India’s fourth largest banking network and India’s fifth largest public sector bank. The amalgamation is also expected to generate cost and revenue synergies to the tune of Rs. 2500 crore over the next 3 years.

The amalgamation will also strengthen Bank’s footprint in southern India with considerable market share in this region.

Sharing his insights into the amalgamation, Rajkiran Rai G, MD and CEO, Union Bank Of India said, ‘I am immensely proud of the efforts put in my entire amalgamating family over the past several months, which have laid a foundation for us to provide enhanced services to our customers while ensuring minimal disruption. We now offer our customers a much wider access to branches, ATM, digital services and credit facilities and are now in a much stronger position as a bank”

At the core of their amalgamation journey, there is an unwavering commitment towards the customers. In order to minimize disruption, the account numbers, IFSC codes, debit/credit cards and internet/mobile banking portals and login credentials will be remaining the same.

Customers of the three entities can now benefit from Union Banks wide network and uninterrupted services. With effect from today, basic services such as cash withdrawal and deposit, balance enquiry and funds transfer will become interoperable across combined network. No additional charges will be levied on Andhra Bank & Corporation Bank customers using Union Bank ATM’s and vice versa.

Union Bank Of India reduces EBLR by 75 BPS w.e.f April 1, 2020

To provide relief to individual, small and medium borrowers in line with benefit of 75 bps repo rate reduction by RBI, Union Bank of India today in its ALCO meeting reduced its External Benchmark Based lending rate (EBLR) to 7.20%.   EBLR of 7.20% will be applicable for all floating rate personal or retail loans (housing, auto, etc.) and floating rate loans to Micro, Small and Medium Enterprises to the customers of Union Bank of India from 01.04.2020 onwards.  

The above reduction in rate shall also be applicable to the customers of Andhra Bank and Corporation Bank which shall become part of Union Bank of India w.e.f. 01.04.2020.  Customers who have availed loans under External Benchmark based schemes of these two banks shall automatically get benefit of reduction of interest rate w.e.f. 01.04.2020.

As Union Bank is set to merge with Andhra Bank and Corporation Bank, Customer Centricity remains the key in the proposed amalgamation

The proposed amalgamation of Union Bank of India, Andhra Bank and Corporation Bank is progressing as per expected timelines. All the necessary preparation to work as an Amalgamated Entity is in place. All the three great institutions coming together have a strong legacy, unique strengths with enhanced pan India presence which makes the Amalgamated Entity as the 4th largest public sector bank in banking network with a spread of 9600+ branches and 12000+ ATMs.

Customer Centricity is the key by bringing in the Best in Class products and services at reduced costs to all its customers. Our sole objective is to reap the benefits of amalgamation like wider network, harmonized products and services, enhanced capital base and increased economies of scale with smooth transition and minimum disruption to customers. In order to enable customers of any of the three banks to conduct operations Interoperability has been built through a specific tool Mobi-Teller is being implemented. Customers will now be able to conduct basic transactions like cash deposit/withdrawal, balance inquiry etc. from any branch of the other two banks as well.

In the wake of COVID 19 outbreak bank has focused on leveraging its technology tools requesting the customers to stay safe and have safe banking. Digital Banking platforms are utilized for operations to minimize physical contact points with higher focus on e-banking and digital channels to mitigate the risk of contact. All features are available on net-banking and mobile banking portals with zero disruption due to amalgamation; as the account numbers, MICR Codes, IFSC Codes, cheque books, the mobile apps, portals, usernames, passwords etc. all remain the same.

Also a dedicated Call Center across three banks with Toll Free Numbers along with quick response team & help desk for employees and customers formed at various administrative offices set up for timely resolution to queries. Bank has activated all responsive & pro-active social media channels with FAQs covering all topics hosted on our website.

The current amalgamation will open up avenues for customers to benefit from its capabilities to provide enhanced credit exposure with reduced costs, increased operational efficiency owing to centralized processing channels and enhanced multiple delivery channels with increased outreach.