The Union Bank of India (UBI) would set up an asset management company in partnership with a Belgian firm early next year, a top official of the bank said on Saturday. "The process of establishing the asset management company is at an advance stage. The new company will soon be incorporated. We are working out the business plan. It might happen early next year," bank executive director S C Kalia told reporters here. Kalia said UBI would launch the second phase of its customercentric navnirman programme to become one of the top three public sector banks in the country by 2012. He said the bank was targeting to achieve Rs 2,85,000 crore business by March 2010. As on September 30, 2009, the operating profit of the bank stood at Rs 810 crore and net profit was at Rs 505 crore. The bank has an ambitious plan to open 500 more branches across the country and enhance its global footprints, he said. At present, the bank has only one overseas branch in Hong Kong.
WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions. While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application. Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...
