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Union Bank of India inches up on inking pact with Intellect Design Arena
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Union Bank Of India is currently trading at Rs. 70.94, up by 0.02 points or 0.03% from its previous closing of Rs. 70.92 on the BSE.
The scrip opened at Rs. 71.35 and has touched a high and low of Rs. 71.63 and Rs. 70.65 respectively. So far 219471 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 96.40 on 14-Dec-2022 and a 52 week low of Rs. 34.00 on 01-Jul-2022.
Last one week high and low of the scrip stood at Rs. 72.50 and Rs. 70.08 respectively. The current market cap of the company is Rs. 48396.85 crore.
The promoters holding in the company stood at 83.49%, while Institutions and Non-Institutions held 9.95% and 6.56% respectively.
Union Bank of India (UBI) has entered into partnership with Intellect Design Arena to bolster transaction banking with an advanced Cash Management System built on eMACH.ai. This strategic partnership with Intellect will provide UBI with a fully-integrated Cash & Payments Management platform, which is expected to enhance the experience and operational efficiency of their corporate and SME customers.
Through this implementation, Intellect is focused on streamlining the cash management and end-toend mandate management business, to provide a seamless solution that enables the bank to identify and address complex regulatory and compliance concerns comprehensively. Intellect's innovative products for corporate, commercial, and SME clients, will help the bank to enhance its customer friendliness through technology and achieve its goal of becoming the most customer-centric bank.
With the help of Intellect’s Cash Management System, UBI will enhance its agility aiding user experience. The platform enables the bank to update and expand its cash management offering by providing a total crack sales solution, design of the overall approach, positioning, and providing the bank with the necessary digital support. The solutions will help the bank become more competitive, streamline internal processes and, in turn, generate additional revenue streams.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.
