Hyderabad, July 16 (KNN) Union Bank of India (UBI) has inaugurated new units — SARAL and ULP — in Secunderabad which will facilitate sanctioning of Micro, Small and Medium Enterprises (MSME) and retail loans respectively.

According to a statement, consequent to amalgamation of Union Bank of India, Andhra Bank and Corporation Bank, the bank has rolled out changes in its administrative structure.

''The bank has established loan processing centres to facilitate faster lending and reduction in turnaround time,'' the statement added.

Recently, the government has approved Rs 3 lakh crore funding for micro, small and medium enterprises (MSMEs). Under this scheme, the government offers a full guarantee and collateral-free loans.