Union Bank of India (UBI), a leading public sector bank expects a 100 percent increase in earnings from ‘offsite transaction channels' by the fiscals end.

Offsite transaction channels also referred as alternative transaction channels include operations through credit cards, debit cards, automated teller machines (ATMs), point of sales and Mobile banking.

Banks are adopting measures to increase the fee based income in order to offset loan growth that declined to 9.7 percent in October. Banks had registered an annual loan growth of 30 percent in the previous two years.

P.K. Bansal, general manager, transaction banking & third party products said that UBI had earned around Rs.700 million through offsite transaction channels till October and aimed at increasing the figure to Rs.1.4-1.5 billion by the end of this financial year.

The banks current offsite transactions account for 28 percent, which it wants to increase to 35 percent by the fiscal's end by setting up more point of sales (PoS).

The bank that had initially planned to expand aggressively by setting up 500 new branches by the end of this fiscal has slowed down its expansion plans (oct 8) due to lack of trained staff.