Union Bank of India
About Union Bank of India
Union Bank of India had started with a vision to turn into "the bank of first choice in our chosen area by building beneficial and lasting relationship with customers through a process of continuous improvement". Also referred to as UBI, because of which many confuse it with United Bank of India, the Union Bank of India has evolved into one of the largest state-owned banks in India. It is also included on the Forbes 2000 list.
BackgroundIn the year 1919, the Union Bank of India underwent a registration process as a limited company in Mumbai. Our Father of the nation 'Mahatma Gandhi' had done the inauguration of this bank. In 1947, UBI had 3 branches in Mumbai and 1 in Saurashtra. In1975, it was assigned the status of the national bank by the government. At that point of time, it was managing 240 branches across 29 states.
In its journey, UBI witnessed mergers with a private sector bank called Belgaum Bank and then Miraj State Bank. On the request of RBI, it acquired Sikkim Bank, which had 8 braches in the North-east at that time.
In the year 2007, Union Bank of India made its presence felt in the international arena by opening representative offices in the destinations of United Arab Emirates, Abu Dhabi, Shanghai and Peoples Republic of China. Besides, it chose Hong Kong as the destination to open its very first branch outside India.
Products and ServicesUnion Bank of India offers its customers various types of products and services so that they can make the most of their banking experiences. The wide range of the services and products consist of:
- Accounts & Deposits – cumulative deposit scheme, deposit reinvestment certificate, monthly income scheme, union flexi-deposit, senior citizens scheme, multi gain savings account, no frills saving account, union super salary account, union classic current account
- Retail Loans – union cash, union home, union health, union miles, union education, union top up, EMI calculator, union smile
- Cards - Classic / Silver / Gold, Corporate Credit Cards, Add-On Cards
- Insurance & Investment – mutual fund, union healthcare
- Demat – demat accounts, online share trading
- Remittance - Union E-Remit, Nostro Details for Remittance
- Savings & Deposits - NRO Non Resident Ordinary A/c Scheme, NRE Non Resident External Rupee, RFC, FCNR(B), Union Unfixed, Foreign Currency Deposit
- Loan & Services – house loans, foreign currency loans, loans against deposit, immovable property, and shares or debenture
- Payments - Union Bill Pay
- CMS - Union Speed, Union Centralized Debits/Credits, Union Prompt
- E-Tax - Customs and Direct taxes, DGFT, Central Excise and Service Tax
- Trade Finance – trade finance for exporters, trade finance for importers, foreign currency loans, correspondent banking
- Insurance - Non life Insurance – Corporate Agency, Insurance- Corporate Agency
- Syndication of Loans
- MSME Banking
- Loans & Policies
- Account Information
- Transfer of Funds
- Financial enquiries
- Non Financial enquiries
Head OfficeUnion Bank of India
239 Vidhan Bhavan Marg,
Official Website: http://www.unionbankofindia.co.in/
Customer care service Number: 1800 22 2244
Last Updated on May 20, 2015