Union Bank launches super-app UnionNXT and digital transformation project SMBHAV

• The Union Bank of India (UBI) has launched its super-app named UnionNXT on April 06, 2022.

• A banking super-app combines a number of services, such as payments, online shopping, bill payments, recharges, investment, loans, and fund transfer, on a single platform.

• The public sector lender also launched a digital transformation project called ‘SMBHAV’.
• For this, the Union bank has an allocated an investment outlay of around Rs 1,000 crore for the current financial year 2022-23 (FY23).
• The bank aims to have 50 percent business originating on the digital platform by 2025.
• UBI’s super-apps is similar to the super-apps by other 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.

Points to Remember:

1. Name of the super-app launched by Union Bank of India? UnionNXT
2. SMBHAV is a digital transformation project launched by which bank?
3. Name of the digital transformation project launched by UBI?
4. Union Bank of India headquarter – Mumbai

Source: Business Standard