The public sector bank, Union Bank of India, has announced that it will increase focus on its retail portfolio and improve business in the area to accelerate overall business growth in the current financial year.

The Mumbai based bank issued a statement which said that it will have a major focus on retail loans and deposits in the present fiscal year.

It is reported that the bank had recorded a total business of Rs. 4, 03, 900 crore in the previous fiscal. Out of this, Rs. 1, 81, 031 crore were recorded in the loans books and Rs. 2, 22, 869 crore were its total deposits. UBI has a capital adequacy ratio (CAR) of 11.85 percent.

A total of Rs. 1, 739 crore are outstanding loans to the agricultural sector, Rs. 1, 648 crore are outstanding loans to the MSME sector and Rs. 1, 539 crore are outstanding loans to the retail loans segment, the bank statement said.

It is reported that the bank has just introduced a remodeled branch at West Tambaram with the name "UnionXperience".

Union Bank has 3, 252 branches strong network and has a total of 4, 179 ATMs in the country.