Union Bank of India (UBI) has launched Union Bank Money powered by Nokia across India, starting with the National Capital Region in partnership with Nokia. The service is already available to consumers in Gurgaon, and will be soon go live in Delhi, Faridabad and Noida. This will be followed by a nationwide roll-out over the next few months. The unique service specifically targets users, who do not have a bank account, by providing access to financial services through their mobile phones and driving financial inclusion.
Union Bank Money powered by Nokia operates across all handsets in India. Making the service ubiquitous, highly accessible and user-friendly, Nokia is pre-installing the application in a wide range of Nokia mobile handsets across price points. The application can also be installed nearly on all already existing Nokia handsets in the country.
The Financial Inclusion plan will aim at bringing banking services to over 10 million customers across 32,000 villages by 2013. Nokia will supplement the existing 3000 UBI branches across the country with its unparalleled network of retail outlets spread across the country.
Union Bank of India reported a surge of 8.51% in net profit to Rs 579.57 crore for the quarter ended December 31, 2010 against Rs 534.13 crore for the quarter ended December 31, 2009. Total income for the quarter stood at Rs 4,693 crore, up 24.88% over Rs 3,758 crore for the year ago period.
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