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Union Bank Of India Ties Up With Alankit Assignment Ltd. To Provide Tin Facilitation Services Through Selected Branches.
Mumbai, 25th March 2008: Union Bank of India, a leading nationalized Bank in the country and Alankit Assignment Ltd., a leading financial services provider company and authorized franchisee of NSDL, today announced their strategic tie-up to offer services viz. Issuance of PAN/TAN, acceptance of TDS, TCS and Paper Returns both in physical and electronic form to customers of Union Bank of India and general public through wide network of Union Bank Branches.
Through this service of Union Bank, a large number of people will be benefited who face difficulty in interacting with Income Tax Office for their PAN Issuance and other requirements. A large number of demat account holders, whose demat accounts have been frozen by their depositories for non compliance of mandatory PAN requirement will also get benefit from this value added service of Union bank of India.
Through this strategic alliance, selected branches of Union Bank will act as Point of Service of Alankit Assignment (An Authorized Franchisee of NSDL to Carry Out TIN Facilitation Activities) and provide following services to its customers and also general public:-
- Acceptance of applications for allotment of PAN & TAN Numbers.
- Acceptance of change request in PAN / TAN Nos.
- PAN Registration facility.
- Acceptance of TDS, TCS, AIR, eTBAF and Paper Returns in both electronic & physical form.
Commenting on the tie-up Shri M. V. Nair, Chairman & Managing Director, Union Bank of India, said “Union Bank of India, through the strategic alliance with Alankit Group is fulfilling its commitment of consolidating and maintaining its identity as an innovative commercial Bank having customer-centric approach.”
Commenting on the strategic alliance, Mr. Alok Agarwal, Managing Director,Alankit Assignment Ltd., said “ We are proud to be associated with Union Bank of India, one of the largest and innovative and techno savvy public sector bank in India.
About Union Bank Of India
Union Bank of India is a large Public Sector Bank. As at the end of December 2007, the Bank had a total business mix of Rs 1,73,478 crore. Total Deposits of the Bank reached a level of Rs 99,227 crore while advances were Rs 74,251 crore. The Net Profit of the Bank for nine months ended December 2007 was Rs 866 crore thereby registering a YOY growth of 40.36%. The Gross NPA ratio was 2.10% while the Net NPA ratio is 0.35%. Capital Adequacy of the Bank stood at 13.03% at the end of December 2007.
About Alankit Assignment Ltd.
Alankit Assignment Ltd is one of the leading single window service providers in the financial market having pan India and overseas presence. Alankit has established itself as a leader for providing various financial services through its operations as Depository Participant, Stock & Commodity Broking, TIN Facilitation Center, e-Return Intermediary, Registrar & Transfer Agent, POS-NSR, Investment Advisory, Online IPO Apply Facilitator, Third Party Administrator Insurance Services, Suppliers of Medicines to Govt. & General Hospitals, Dispensaries and as Retailers.
Released on behalf of Union Bank of India by:-
R.B.Menon, DGM, Corporate Communications
Tel: 22026662 Fax: 2285 3596
E-mail: rbmenon@unionbankofindia.com
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