About the Company
Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity and the Government of India holds stake in Bank’s total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company. Today, it has a network vast network of domestic branches, ATMs, BC Points, serving many customers. The Bank also has branches in overseas countries. Union Bank of India is the first large public sector bank in the country to have implemented 100% core banking solution. Recently, Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from April 01, 2020. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
Business area of the company
The bank is engaged in Banking Services, Government Business, Merchant Banking, Agency Business -Insurance, Mutual Funds, Wealth Management etc.
- Accounts & Deposit
- Loans (Retail, MSME, RABD)
- Wealth Management- Insurance, Mutual Funds, Demats
- Government Schemes
- Financial Inclusion
- Agri & Rural
- Lockers/Other Services
- Loan Syndication & Debt Restructuring
- Corporate FAQs
- Other Services
- Schemes / Products / Services
- NRI Services
- Treasury & Other Products
- IT Excellance Award for 'Best IT Team'Special Award for 'Technology for FI'
- Special Award for 'Managing IT Risk'Best Payment InitiativesBest Technology Bank of the yearBest Risk Management & SecurityBest use of Mobility TechnologyBest Internet BankBest Use of Technology in Training and Learning Initiative
- The bank was awarded the prestigious “Asian Banker IT implementation award 2007” by the Asian Banker, a Singapore based research and intelligence organization at Asian Banker Summit
- In survey conducted by Business Today-KPMG, Union Bank of India was ranked 8th in the list
- Union Bank of India bags the Express Uptime Champion Award 2014 for its Network Operations.
- Union bank has won 3 IBA banking technology awards.
- Union Bank of India launches Digital initiatives for its customers.
- Union Bank Has Won 6 Iba Banking Technology Awards 2015-16.
- Union Bank of India signs MOU with Star Union Dai-ichi Life Insurance Company.
- Union Bank of India launches Tabulous Banking.
- Union Bank of India has been awarded the Best Bank Award for Use of Technology for Financial Inclusion among Large Banks by Institute for Development & Research in Banking Technology (IDRBT).
- 'Acquisition of 49% shareholding of Union KBC Asset Management Company Private Ltd and Union KBC Trustee Company Private Ltd by Union Bank of India'.
- Best Emerging Bank Award for the Year 2016-17.
- Best HR practices and excelling in HR management for the year 2017 (4th time in a row).
- Excellent initiatives taken in financial inclusion programs.
- Excellent initiatives taken in payment processing.
- Customer Services award by Infosys.
- Enhanced Access and Service Excellence (EASE) Award under PSB Reforms Agenda.
- Corporate Leadership & Institutional Excellence- National Training Award.
- Organization with Innovative HR practices.
- Best Leadership Development program in Public sector for Top Management.
- Excellence in Training & Development Award.
- Best use of Technology for Training.
- Innovative Training Practices in Public Sector Enterprises.
- Best Financial Inclusion Initiatives amongst Large Banks.
- Best Technology Bank amongst Large Banks.
- Best initiatives taken in IT Risk Management and Cyber Security amongst Large Bank.
- Leading Financial Inclusion Initiatives Best Performing Bank - APY Formation day.
- Best Performing Bank- Quest for Crown.
- ‘Best SME offering’ - Innovative Financial Solution for MSMEs.
- Outstanding performance in conduct of Vigilance Awareness activities
- CEO with HR Orientation by World HRD Congress.
- Sustainable HR Leadership by World HRD Congress.
- Best Training Methods for Knowledge Management.
- Excellence in Training & Development by ET Now.
- Creating Workplace of Tomorrow, IAC 2020 Corporate Awards by Peoples Lab.
- SKOCH award for Banking Cyber Security, Awareness Solution, Data Security, Vulnerability Management.
- CSO 100 AWARDS by IDG Security.
- Innovation in cyber security for Cyber Defence Centre by Finnovity Award 2020.
- Best Security Practices in organization - December 2019.
- IT Risk Management & Cyber Security Initiative. - February 20, 2020.
- Application Programming Interface Management (APIM) technology.
- Leadership in MSME Best MSME Bank (Public Sector Bank).
- The Bank acquired remaining 49% ownership in its Subsidiaries -- Union Asset Management Company Pvt. Ltd. and Union Trustee Company Pvt. Ltd., resulting into 100% ownership as on March 31, 2017.
- Bank has also launched new products of SUD Life Insurance viz. New Aashiana Suraksha - Group Credit life insurance (home and mortgage loan customers) Adarsh - traditional life insurance product for savings & protection, Guaranteed Pension Plan for senior citizens & Aashirwaad -child benefit policy during the FY 2016-17.
- Bank launched ‘Green initiative’ and other value added services under the ‘Digital and Paperless India’ programme during FY 2016-17.
- Bank launched a new variant ‘Visa Platinum Debit Card’ during FY 2016-17 for premium customers with enhanced daily spending limit of Rs 1 lakh. Classic Debit Card for HUF & Partnership Accounts has been launched with an aim to serve those HUF and partnership accounts maintaining an average quarterly balance below Rs 1 lakh, thus expanding reach to the customers.
- Bank launched U Control a new mobile based application for credit card customers to disable/enable their credit card transaction for any specific channel. Besides this, customer can also block the card and set his spending limit within the sanctioned limit.
- In the crucial times of GST implementation, Bank has launched Union GST Input credit to mitigate the temporary mismatches of cash flow.
- Bank has launched new agri cluster scheme in 21 regions to scale up the clusters in agriculture potential districts for increasing the advances under agriculture.
- Bank has launched various new products including, Union Mahila Suraksha (in association with Bajaj Allianz General Insurance Co Ltd), Union Cancer Care (in association with Cholamandalam MS General Insurance Co Ltd) and Union Health Suraksha (in association with Religare Health Insurance Co Ltd).
Bank has launched Union Sahyog Application with an aim to simplify the procedure for disseminating information about the organization and to provide a single interface across all mobile and web based payment channels.
- Bank launched Visa Paywave Debit Card for all the customers irrespective of their Avg. Quarterly Balance.
- Bank has established Customer Acquisition Group (CAG) for verticalization of sourcing of business with an aim to drive sales effort in developing new partnerships for sustained business mobilization, to develop tie-ups with fin-techs for sourcing leads through digital channel, and to develop a vibrant sales culture in the organization.
- The Bank has launched single point source of accessing data by branches / ROs/ FGMOs on all parameters related to credit monitoring.
- The Bank launched two new variants of cards viz. Combo Card (Debit & Credit) and Rupay Contactless Card (Debit & Prepaid).
- Launched the Treasury - FX Retail, an electronic trading platform designed by Clearing Corporation of India (CCIL) which provides for buying/selling of foreign exchange by retail customers of the bank.
- Launched Kisan Credit Card for Animal Husbandry and Fishery (CCAHF)
- Financing to Farmers Producers Organisation (FPO) launched during the F Y 2019-20 for the direct benefit of farming community.
- Bank has introduced low cost Paytivo PoS terminals for acquiring merchant business. Attractive transaction based PoS model for merchants introduced offering zero rental for merchants generating high volume and value.
|Parent Organization||Union Bank Of India||Managing Director||Rajneesh Karnatak|