The Union Finance Minister Shri Arun Jaitley said that the banks have to play an important role in achieving the higher growth rate in the country. He said that the banks would be provided sufficient funds to recapitalise them. The Finance Minister was speaking after inaugurating the Sydney Branch of the Union Bank of India in Sydney, Australia today. The Finance Minister Shri Jaitley is on a four day official visit to Australia. OAs part of the first leg of his Australia visit, the Finance Minister Shri Jaitley arrived in Sydney today. The inauguration was done by Shri Arun Jaitley, Finance Minister of India in the presence of High Commissioner of India in Australia Shri Navdeep Suri and Shri Arun Tiwari, Chairman & Managing Director, Union Bank of India among others.

The Union Bank of India is the 5th largest Nationalized Bank in India. Established in the year 1919, the Bank has grown to a business mix of ₹ 5,89,889 crore, with deposits of ₹ 3,27,412 crore and advances of ₹ 2,62,477 crore, as of December 2015. Union Bank offers products and services for Retail, Agriculture, MSME, Large Corporate and NRI customers through 4153 branches, which includes 3 overseas branches and 6999 ATMs, dedicated call centre operating 24*7 in 9 languages and alternative channels like internet banking and mobile banking.

The Union Bank of India recently launched Mobile Wallet “Digipurse” with features of Bill Payment, DTH Recharge, Mobile Recharge, Online Shopping through virtual card and fund transfer facilities through IMPS, in addition to launch of Union Selfie and online account opening. These add to already comprehensive digital offerings through various modes.

Bank recapitalization support to strengthen banks' role in economic growth announced alongside Union Bank's Sydney branch inauguration. The government will provide sufficient funds for bank recapitalisation to strengthen lending capacity and support banks' central role in achieving higher economic growth, announced during the inauguration of Union Bank of India's Sydney branch. Union Bank's extensive domestic network, product coverage across Retail, Agriculture, MSME, Large Corporate and NRI segments, and recent digital launches including a mobile wallet and online account opening were highlighted as operational strengths.