UBI plans to enter MF business

State-run Union Bank of India (UBI) is likely to make an entry into mutual fund business by the end of this calendar year. The bank has already secured the Reserve Bank of India’s (RBI) nod for the same and has applied to market regulator Securities and Exchange Board of India (SEBI) for the same, which is expected in next two months.

Meanwhile, the bank has launched its mobile banking facility ‘UMOBILE’ through which its customers will be able to make payments for movie tickets, bills, fund transfer, etc.
The public sector lender is looking to increase its branch count to over 3,000 from current 2,600 by opening 500 new branches.

Apart from this, UBI has also raised Rs 200 crore worth of additional capital on Monday by issuing subordinated perpetual bonds.