Union Bank of India
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Union Bank of India is a public sector bank with its headquarters at Mumbai. The majority of the bank’s operations are in India. With its wide range of products and services, the bank caters to individual, corporate and non-resident Indian (NRI) customers.[br]
Union Bank of India: Company Information
Union Bank of India (UBI) began operations in 1919, with the inauguration of its Bombay (now Mumbai) branch at the hands of Mahatma Gandhi. In 1975, the Government of India nationalized UBI. Over the years, the bank expanded its business and customer reach through mergers and acquisitions. In 2002, the bank came out with its initial public offering (IPO), followed by another public issue in 2006. Subsequently, the government shares were reduced to 55.43%. In 2007, Union Bank established representative offices in Dubai and Shanghai. In the subsequent year, the bank launched its first overseas branch in Hong Kong.
Union Bank of India has over 2,200 branches across the nation and a huge network of ATMs. Of these, over 1,000 branches are covered under the Core Banking Solution (CBS). With this facility, qualified customers can access online and telebanking facilities at any CBS branch. The bank is also a member of the CashTree ATM network services. With this facility, UBI customers can make transactions from ATM machines of partner banks without any processing charges. Some partnering banks include Bank of India, Dena Bank, Syndicate Bank, Indian Bank and Yes Bank.[br]
Union Bank of India: Products and Services
Products and services available with the Union Bank of India include:
· Personal banking: This includes savings, deposits, current account, loans products, credit cards, pension schemes and insurance.
· Corporate banking: To cater to the financial needs of small, medium and large enterprises, UBI has cash management, loan syndication, multi-city cheque and multi-branch banking services.
· RI banking: UBI has specialized branches to cater to NRIs. It offers services such as remittance, international credit cards, home loans and deposits to NRIs.
· Internet banking: The bank offers tax submission, bill payment, stock trading, money transfer and account management services through internet banking.
Some of the featured products of the Union Bank of India include Ashiana Suraksha, a combined home and life insurance policy and Kisan ATMs, easy to use machines for the rural population.
