BANKING AND ECONOMY
● A super-app named ‘UnionNXT’ and a digital transformation project ‘SAMBHAV’ were launched by the Union Bank of India.
● These initiatives were launched with an investment of Rs 1,000 crore for the current financial year 2022-23 (FY23).
● The Super-app provides a no. of services on a single platform. The list of services are payments, online shopping, bill payments, recharges, investment, loans, and fund transfers.
● In the next phase, the super-app will be developed to make purchases of consumer products and services.
● With this launch, the bank joins the league of super-apps by large lenders such as State Bank of India’s Yono, Bank of Baroda’s Bob world and HDFC Bank’s PayZapp and ICICI Bank’s iMobile.
● Union Bank of India was established in 1919.
● Headquarters of Union Bank of India: Mumbai.
● CEO of Union Bank of India: Mr.Rajkiran Rai G.