Union Bank of India launches product to facilitate stamp duty and registration on property purchases
Posted on: 27 May 2016 09:33:36
27 May 2016 Current Affairs: Mumbai-based Union Bank of India launched e-SBTR ( Electronic Secured Bank Treasury Receipt ), a facility for a single window payment facility of both stamp duty and registration fee for home purchase in Maharashtra. The e-SBTR allows payment without any ceiling and is available on 24x7x365 through internet banking.
The facility, makes it possible to do the necessary paper work and formalities on line and get the endorsement of the final document at the branch level at one go.
It initially starts in Maharashtra across 508 bank branches of the Bank and will be soon expanded to other states, according to V K Kathuria , executive director, Union Bank. The facility is also being offered by other banks such as Punjab National Bank, State Bank of India and Bank of India, among others.
The e-SBTR system adds to convenience of home buyers as the systems does away with the requirement of standing in queues to pay stamp duty and registration of property purchase.
Union Bank of India : Union Bank of India is one of the largest government-owned banks of India (the government owns 63.44% of its share capital). It is listed on the Forbes 2000, and has assets of USD 13.45 billion. All the bank's branches have been networked with its 6909 ATMs as on 30 September 2015. Its online Telebanking facility are available to all its Core Banking Customers - individual as well as corporate. It has representative offices in Abu Dhabi, United Arab Emirates, Beijing, People’s Republic of China, London and Shanghai, and branches in Hong Kong, Dubai (Dubai International Financial Centre),Antwerp in Belgium and Sydney in Australia.The bank had 4196 branches in India as on 31 March 2016 and to add to it 4 overseas branches. Shri Arun Jaitley, Honorable Minister for Finance, Government of India on 30 March 2016 inaugurated the Sydney branch.
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