United Bank of India launches wallet services, IMPS remittance

Kolkata: State-run United Bank of India has launched a slew of technologically driven services, including United Wallet Services and IMPS-based cash remittance facility through banking correspondents' hand held device, as it aims to address customer demands and tap new opportunities in the fast-changing banking space.

United Bank of India is one of the first few public sector banks to launch wallet services. As the name suggests, with this service one does not need to carry his personal wallet instead he/she can use e-wallet through which they can make utility bill payments, recharge mobile, transfer fund to wallet from any bank account. No KYC is required. The app is available to all customers irrespective of the bank the customer is banking with. It is available on Google play store and can also be accessed from the bank's website for iOS and Windows Platform, UBI said.

It’s also expecting good response to its IMPS (immediate payment service) based cash remittance facility. The IMPS based cash remittance feature provides the convenience of transferring money to anyone anywhere in the country having an account with any bank. Bank Mitras engaged by UBI are empowered to undertake this service. This service can be availed by any person with or without an account with United Bank of India, the bank said, adding that the transfer will happen instantly and confirmation will be received via SMS. The facility is available 24/7. This service will benefit the migrant population who are prone to remit money through unreliable /informal sources, bank officials said.

Also, the bank has launched United joint liability group loans (JLG Loans). This service is available to existing United Bank of India customers having an account with bank mitra in the village whereby small ticket loans up to Rs 1 lakh is provided to customers under a joint liability group without any collateral.

“Homogenous groups of 5 to 7 customers can come together and create a Joint Liability Group where each member of the group vouches for each others liability. The bank mitra is to verify the credibility of the group and registers the group online. The customer has the convenience of withdrawing the loan amount at the bank mitra point without even visiting the bank branch,” UBI said. The bank mitra also conducts weekly meeting of the group and collects the weekly repayment instalments at the village itself from the members of the group after authenticating each member through the biometric based device held by the bank mitra.

According to the bank, this provides the flexibility and convenience to the group members to avail loan at a lower rate than what is charged by MFI without the hassles of visiting the bank branch for either receiving the loan amount or for repayments.

Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.