Union Bank of India is planning to merge or close more than 100 branches in urban areas as it joins other public sector banks in rationalizing their branch and ATM networks, Business Standard reported Feb. 7, citing Rajkiran Rai Gundyadka, the bank's CEO.
The bank is also planning to convert 200 branches in rural areas into partial banking outlets with one or two full-time employees. Part of the rationalization plan is expected to be implemented in the fourth quarter of the fiscal year ending March 31.
Union Bank of India has 4,302 branches as of Dec. 31, 2017, the report added.
The bank joins other public sector lenders which are implementing measures to cut down on costs. Punjab National Bank said in November 2017 that it will close or relocate up to 300 loss-making branches, while Bank of India announced a month later that it plans to close 400 of its ATMs.
