Lucknow: In an era where financial empowerment and inclusive growth are at the forefront of economic agendas, fostering women’s leadership has become an imperative for institutions striving for sustainable progress. At the helm of Union Bank of India, one of the country’s largest public sector banks, is A. Manimekhalai, the only woman currently leading a public sector bank in India. Under her stewardship, Union Bank has been taking significant strides in enhancing gender diversity, promoting leadership opportunities for women, and driving inclusive financial solutions.
“At Union Bank, we are committed to enhancing gender diversity and fostering women’s leadership at all levels,” says. Manimekhalai. “Women play a transformative role in banking, from managing branches to driving strategic initiatives. To support their career progression, we have launched structured programs such as the WINGS Programme for leadership development, the Empower HER Committee for mentorship and professional growth, and the Union SWAR Programme for counseling and wellness.”
Beyond internal efforts, Union Bank actively champions women’s financial empowerment through tailor-made banking solutions. The Union Nari Shakti scheme is a testament to this commitment, offering financial assistance to women-led enterprises. “We have established five Nari Shakti Branches that provide advisory services, mentorship, and skill development support. Additionally, we operate two women-centric Rural Self Employment Training Institutes (RSETIs) in Mauganj, Madhya Pradesh, and Palnadu, Andhra Pradesh, which are fully managed by women to nurture women entrepreneurs. With plans to set up three more such institutes, Union Bank remains steadfast in empowering women in business and leadership,” she adds.
The bank’s vision extends beyond financial inclusion, incorporating social empowerment initiatives. In 2023, Union Bank launched its Women’s Hockey Team, underscoring its commitment to promoting women in sports. Furthering its corporate social responsibility efforts, the bank has adopted one girl child per rural branch, ensuring financial aid and education support. “Moreover, we have established digital libraries in 126 aspirational districts to bridge the educational divide and provide better learning opportunities,” she emphasizes.
Union Bank’s commitment to inclusive economic growth extends to the Micro, Small, and Medium Enterprises (MSME) sector, a vital pillar of India’s economy. “The MSME sector plays a critical role in driving economic growth, fostering entrepreneurship, and generating employment opportunities. Recognizing its significance, we have introduced a diverse suite of entrepreneur-friendly products, including MSME Superfast for quick and hassle-free credit access, Yuvashakti for young entrepreneurs, and Union Nari Shakti for empowering women-led businesses,” she notes.
The bank has also embraced digital lending to streamline credit access for MSMEs and supports key government initiatives such as the Mudra Yojana, Vishwakarma Scheme, and PM SVANidhi. “By offering competitive financing solutions, streamlining credit access, and supporting government-led initiatives, Union Bank continues to play a pivotal role in advancing the vision of Viksit Bharat and driving economic self-reliance,” says. Manimekhalai.
Union Bank has an extensive presence in Uttar Pradesh, playing a crucial role in the state’s ambition to become a $1 trillion economy. With around 1,200 branches and over 6,500 Business Correspondents (BCs), the bank ensures seamless banking access, particularly in rural and semi-urban areas. “We have a total business of ₹1.80 lakh crore in Uttar Pradesh, underscoring our deep-rooted commitment to the region. Our recent inauguration of a Premier Branch at RUSU Centre is aimed at offering premium banking services to rural and semi-urban customers,” she explains.
The bank is also strengthening financial inclusion through agricultural loans, food processing credit, cold storage financing, and Kisan Credit Cards. “With 60% of our branches in rural and semi-urban areas, we are committed to boosting industrial expansion and financial sustainability through products like MSME Superfast and Yuvashakti,” she adds.
Additionally, Union Bank has forged collaborations with government organizations in Uttar Pradesh, including North Eastern Railways, UPPCL, and UPPTCL, to provide customized financial solutions for employees. “These collaborations enhance financial well-being by offering tailored salary products that include insurance, preferential loan rates, overdraft facilities, and exclusive digital banking services. Employees also benefit from premium debit cards with features such as personal accident insurance of up to ₹10 lakh, complimentary domestic and international airport lounge access, and premium health check-ups,”. Manimekhalai highlights.
As Union Bank continues to evolve under her leadership, the institution remains steadfast in its commitment to fostering women’s leadership, empowering entrepreneurs, and supporting inclusive economic development. “We believe that financial empowerment is the key to a more equitable and progressive society. Our initiatives aim to create an ecosystem where women, businesses, and communities can thrive,” concludes. Manimekhalai.
