Password mailed: Rs. 150
By Ria Sharma

The Union Bank of India told the media in Oct, 2009 that despite the economic slowdown, it had a good quarter.  In the last 3 months, it recorded an operating profit of Rs. 810 crores which was an increase of 16 percent.  Net profits had gone up from Rs. 362 crores to Rs. 505 crores.

The net worth of the Union Bank of India increased from Rs. 6203 crores to Rs. 7916 crores.

How much of these profits are because of high and unusual bank charges?  Naavi is reporting how the Union Bank of India makes money if you want them to mail you your EBanking password.

How does it work?  If you are banking with Union Bank of India, you can logon and create your own password for free by logging on to ‘Self eBanking’.

Presumably, anyone who is using net banking has a basic familiarity with computers. And knows the importance of regularly changing their passwords.

But to lazy to create your own password?  Not a problem.  Union Bank will charge you Rs. 150 plus postage if you are an individual.  Companies pay Rs. 250 plus postage to get a printed password.

All very simple.  You open envelope and get password. Logon to the Union Bank website and start your internet banking.  As you have to change passwords every few months, do dot forget to pay Union Bank to mail you the new password.

Is this Union Bank’s clever way of pushing more people on to internet banking?  Tucked away in the October, 2009 quarterly results was the fact that ‘Transactions through electronic mode will only reach 35% of total transactions by March 2010.’