Union Bank readies reverse mortgage product

Hyderabad: Union Depository Financial Institution of Republic Of Republic Of India have readied a contrary mortgage loan merchandise which will be launched in couple of weeks, according to M.V. Nair, President and Managing Director, Union Depository Financial Institution of India.

"The taxation grants extended to modesty mortgage merchandises in the Union Budget 2008-09 have got made the merchandise an attractive offering. We see good range for concern in this segment," Nair told Business Line here. "All other inside information of the merchandise can be known when we establish the merchandise in adjacent 15 days," he said.

The bank, which have recently centralised its retail assets processing by setting by 32 retail assets Centres across the country, would give top precedence to retail loaning followed by Small and Medium Sector (SME) and rural concern in the adjacent fiscal year

"In 2008-09, we are targeting at 30 per cent overall growing in business, including retail portfolio. The thought behind centralising retail progresses processing is to rush up the procedure to be ahead of the competition," he said.

In the SME sector, the depository financial institution have taken stairway to cut down the turnaround clip time in loan sanctioning to 15 days. It have identified 138 subdivisions across the state to aggressively impart to SMEs. "In addition, we are setting up SME SARAL Centres in choice places," Nair said.

To ease the expansion, Union Depository Financial Institution would enroll 4,000 in the adjacent fiscal year, he added.

On the engineering front, the depository financial institution which recently introduced samariums qui vive system, will be introducing a SMS-based payment system, the CMD said.