The Federation of Indian Export Organisations (FIEO) in New Delhi recently presented Union Bank of India with two awards for providing banking services that support the promotion of exports.

Union Bank was awarded the FIEO Niryat Bandhu Gold Trophy for the year 2003-04 and the Niryat Bandhu Silver Trophy for the year 2004-05 at a function held last month in New Delhi.

Export growth

The Niryat Bandhu award is given to banks, export promotion councils and commodity boards for their services to exporters.

Union Bank has 67 branches handling export and import business and says its credit extended to the export sector grew by 35 per cent in the third quarter of 2006 compared with the same period in the previous year.

The bank adds that its business with importers grew by 26 per cent during 2006 compared with the previous year.

Trade services

Union Bank's full range of international trade finance services includes foreign currency loans, credit insurance, import and export finance and letters of credit (L/Cs).

Union Bank says its full fledged Internet banking services features strongly in its offering to importers and exporters.

Customers using these services can open and manage L/Cs online. They can also transfer funds and view accounts via the Internet according to the bank.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.