Union Bank of India soars on partnering with MTNL for launching bill payment services

Union Bank of India is currently trading at Rs. 211.45, up by 5.05 points or 2.45% from its previous closing of Rs. 206.40 on the BSE.

The scrip opened at Rs. 208.55 and has touched a high and low of Rs. 213.00 and Rs. 208.55 respectively. So far 223015 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 259.60 on 09-Jun-2014 and a 52 week low of Rs. 100.60 on 14-Feb-2014.

Last one week high and low of the scrip stood at Rs. 213.00 and Rs. 187.65 respectively. The current market cap of the company is Rs. 13538.91 crore.

The promoters holding in the company stood at 60.47% while Institutions and Non-Institutions held 25.91% and 13.63% respectively.

Union Bank of India (UBI), one of the largest public sector banks of India, has exclusively launched a bill payment service for subscribers of Mahanagar Telephone Nigam (MTNL) through a mobile banking platform. This initiative would enable the subscribers pay their bills using mobile banking applications of their respective banks.

Under the arrangement MTNL will pay the bank a fee of Rs 2.5 per transaction, creating an opportunity for the bank to earn a fee-based income.

The bank would initially offer this service to MTNL’s landline subscribers and gradually extend the same for its mobile phone subscribers.