Union Bank of India Signs MoU with King George’s Medical University, Lucknow for Salary Accounts

Lucknow: Union Bank of India has entered into a Memorandum of Understanding (MoU) with King George’s Medical University (KGMU), Lucknow, to onboard the salary accounts of the university’s employees. The agreement marks a significant step in strengthening institutional banking partnerships in Uttar Pradesh and expanding the bank’s presence in the region.

The MoU formalizes Union Bank of India as a banking partner for managing salary accounts of KGMU employees, enabling them to access a wide range of banking products and digital services. Employees are expected to benefit from customized salary account features, digital banking facilities, loan offerings, and other retail financial solutions tailored to their professional needs.

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King George’s Medical University, one of the leading medical institutions in the state, has a large workforce comprising faculty members, medical professionals, administrative staff, and other employees. Through this partnership, Union Bank aims to deliver seamless banking services while building long-term financial relationships within the institution.

From a strategic standpoint, the collaboration is expected to contribute to sustainable growth in the bank’s Current Account Savings Account (CASA) portfolio. CASA deposits play a vital role in strengthening a bank’s low-cost funding base, supporting improved liquidity and lending capabilities. The onboarding of salary accounts from a reputed institution like KGMU is anticipated to further enhance deposit stability and deepen retail engagement.

In addition to CASA growth, the partnership is likely to create opportunities for high-quality retail lending, including home loans, personal loans, vehicle loans, and other need-based financial products. By leveraging its customer-centric approach and digital banking infrastructure, Union Bank of India aims to provide efficient, secure, and convenient banking services to KGMU employees.

The agreement also reflects the bank’s continued focus on expanding institutional relationships across key sectors such as healthcare and education. Strengthening ties with prominent organizations in Lucknow reinforces Union Bank of India’s long-term commitment to growth in Uttar Pradesh and supports its broader retail and institutional banking strategy.

With this MoU, Union Bank of India further consolidates its position as a trusted banking partner for major institutions while enhancing its regional footprint through sustainable and relationship-driven expansion.