The Hindu : Union Bank's core banking solution

Online edition of India's National Newspaper
Tuesday, Feb 25, 2003

Business

Business

Union Bank's core banking solution

By Our Corporate Reporter

CHENNAI FEB. 24. Union Bank of India has tied up with HDFC Standard Life Insurance and The New India Insurance Company for distributing insurance products of both companies. Addressing presspersons here today, V. Leeladhar, Chairman & Managing Director of the bank, said this arrangement would enable the bank to become a single point provider of financial products and services to the customers.

The CMD handed over a few policies to the assured, out of 1013 policies with an assured sum of Rs. 8.52 crores at the launch function here today. The plan was to make available insurance products structured specifically to its banking services, Mr. Leeladhar said.

On the offer of Core Banking Solutions (CBS), he said the facility would be implemented in 20 pilot branches by next month.

Already, 16 branches were interconnected and three products were launched under this scheme, he said. To offer the Core Banking Solution, Union Bank had entered in to a strategic alliance with Infosys for software support and Wipro for hardware requirements.

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