United Bank sets aside Rs 250 crore for IT

United Bank of India (UBI) has committed an investment of Rs 250 crore on information technology for the next financial year. The investment will cover a massive roll out of core banking solutions (CBS), on line share trading facility, phone banking and cash management services among others. P K Gupta, chairman and managing director, UBI, said, “The main challenge in the coming year would be the application of technology for business growth.” “All these initiatives are a part of our vision to emerge as a dynamic, techno-savy, customer-centric, progressive and financially sound bank,” said Gupta. The bank has roped in Tata AIG Life Insurance Company as a strategic partner for its life insurance venture and launched a child insurance scheme in December 2007. “We are going to launch some exclusive products in this area,” he added.