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NT Bureau
Chennai, Dec 29:
 

Union Bank of India CMD V K Dhingra receiving the Niryat Bandhu Award for Excellence in export promotion from Union Commerce Minister Kamal Nath at a function in Delhi yesterday.

        Union Bank of India has been awarded Niryat Bandhu gold trophy for 2003-04 and silver trophy in the same category for 2004-05 by the Federation of Indian Export Organisation (FIEO) at a function in New Delhi yesterday.

        The Niryat Bandhu award is given to banks, Export Promotion Councils and Commodity Boards for their support services rendered for export of merchandise from the country. The Union Bank of India has 67 authorised branches dealing with export and import business. All these branches were networked and equipped with necessary infrastructure like Swift, fax, e-mail, among others. The full range of services of UBI facilitate trade in foreign currency, credit insurance, Exim finance, letters of credit and other services rendered by banks to aid foreign trade.

        UBI has done export financing to the tune of Rs 5,799 crore for the second quarter ended September 2006, a growth of 35 per cent from the same period last year. The bank has targeted to achieve a turnover of Rs 24,980 crore and Rs 14,535 crore for export credit and import credit for the year 2006-07. UBI has also aimed to record a business of Rs 10,504 crore in this fiscal under foreign remittances, a growth of 26 per cent from the last year.

        UBI also extended payment gateways for Exim businessmen in their remittance of various levies to the government like service tax, customs duty and other fees.