History of Union Bank of India
YEAR EVENTS
1969 - The Bank was brought into existence by Ordinance issued on 10th July, by Central Government. In terms of Ordinance, the Undertaking of `The Union Bank of India, Ltd.', was replaced by Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1969. An Ordinance was thereupon promulgated which was later repalced by Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970 which was made effective retrospectively from 19th July, 1969.
1970 - Under the `Lead Bank' scheme, the Bank was allotted 5 districts & the survey reports in respect of 3 districts were submitted.
- The Bank opened a total of 36 branches in the lead districts till the end of 1972.
1972 - A fresh study-cum-survey was undertaken for evaluation of results of Bank activities in the area, further identification of growth area & credit gaps & preparation of concrete programme of action in such areas. The Bank sponsored four regional rural banks.
1982 - Rs 275,00,000 was capitalised.
1985 - Rs 2400,00,000 contributed by Government.
1986 - Rs 14,00,00,000 contributed by Government.
1988 - Rs 14,00,00,000 contributed by Government.
1991 - Rs 50 crores contributed by Government.
1993 - Rs 230 crores contributed by Government.
2000 - M. Venugopal, chief executive of Bank of India European Operations, has been appointed executive director of Union Bank of India.
- Union Bank of India has introduced a special leave scheme for its employees.
- The Bank has introduced novel credit schemes for housing & consumer finance.
2001
-Bank closed its voluntary Retirement Scheme.
-United Bank of India has raised Rs.100cr by way of subordinated debt under Tier II.
-UBI cuts its Prime Lending Rate to Rs.11.50% from 12.50%.
-United Bank of India has launched special Deposit Scheme for senior citizens, which will offer a high rate of interest on all domestic term deposit.
-United bank of India staff college, which received ISO 9001 certification is offering its training programmes on commercial basis.
-Bank appoints PriceWaterCoopers[PwCs] as consultant for putting in place a structured asset liability management & risk management system.
-UBI has identified KPMG as its strategic technology consultant for implementing the 'core banking solution'.
-Taking into consideration the sovereign ownership, diversified risk portfolio, consistent track record, the credit rating agency [ICRAs] has assigned an LAA+ rating to the 100cr subordinated debt programme of UBI.
-UBI bond issue for Rs. 100cr was oversubscribed by over 20% on the first day.
-UBI has increased the maximum limit for investments in 'held for trading' securities to Rs.1000cr for current fiscal in a bid to increase its bottomline.
-Bank lowers the interest rates on all maturities.
-HDFC Standard Life Insurance Comp. has tied up with Union Bank of India for selling its insurance products.
-UBI has forayed into the loan syndication business for corporates. The bank has raised a one-year syndicated loan of Rs.400cr IOC.
-Chennai based SSI has signed an agreement with Union Bank of India to jointly provide loans to students to pursue IT education.
2002
-UBI ties up with New India Insurance Comp. for market & distribute the products of New India Insuranc Co on a commission basis.
-The issue of 170cr Tier-II subordinated debt was fully subscribed within two hours of its opening.
-UBI has recorded 102% hike in the net profit to Rs. 314cr from Rs.155cr as in the last year.
-UBI has brought down interest rates on its housing loans.
-UBI introduced a new scheme called 'Union Express Remittance scheme' to provide service to NRI in West Asia. The scheme would reduce the time lag in the receipt of draft by beneficiary.
-UBI has set up Cash Management Services [CMSs] in coimbatore.
-Union Bank has tied up with two IT companies to develop core banking solutions.
-Shares of UBI were listed on sensex, Nifty.
-Union Banks specially designed loan product 'Union Rent' for owners of buildings or portion thereof rented out to reputed companies has got good response.
-Union Bank of India has launched an emergency cash-on-hand scheme christened as'Union Lifeguard' to cater to the hospitalization needs in Mumbai.
-Standard Chartered bank has entered into an 'agency trade services agreement with UBI, according to which all letters of credit issued by UBI to Asian countries would be done through StanChart.
2003
-UBI launches 2 new schemes that is NRI Foreign Currency Loans[NRIFCLs] & Domestic Resident Foreign currency Acc. for benefit of NRI & FCNR[Bs] customers.
-UBI has launched today its major IT initiative, the Core Banking Solution[CBSs], for Anywhere Banking interconnecting its 12 branches across centres.
-Union Bank has signed an agreement with Corporation Bank to share its Cash Management System infrastructure.
-UBI implemented Quality Management System in 64 branches & 3 extension counters & obtained ISO-9001 certification.
-Union Bank ties up with more banks for sharing of ATM network.
-UBI has launched Union BillPay, a convenient utility bill payment service for its customers in association will Billdesk.
-Tata Consultancy Services, jointly with PeopleSoft Solutions is to implement an end-to-end integrated HRMS & payroll solution for UBI.
-Towards its expansion, Union Bank has signed a contract with 2 more exchange companies, one each with UAE Exchange Centre & Al Muzaini Exchange Company in the middle east.
-UBI with other five PSB launched Cashtree, a network to interconnect all their countrywide ATM at Bangalore.
-Union Bank has forged with an alliance with Maruti Udyog Ltd & Ford India Ltd for providing loans to their customers at competitive & plans to expand its business in retail services.
-UBI has tied up with Jain Irrigation Systems Ltd to offer crop finance schemes to farmers.
-Central Government has appointed Mr. Suresh Vishnupant Dange, special Assistant, Union Bank of India.
-UBI Chairman & Managing Director has been appointed as Chaiman of India Bank Association.
-Union Bank launches new schemes & hike interest rates on non-resident indian deposits.
-Raises Rs.250 crores towards Tier II Capital
-Opens representative offices at Dubai [UAEs] and Doha [Qatars]
-Union Bank of India and Ford India tie-up for financing ford cars
-Moodys Investor Services has upgraded the rating of Union Bank to D- from E+.
-UBI joins hands with Eicher, L&T for farm financing
-UBI launches unqiue Housing Loan Scheme for IB staff
2004
-Union Bank of India Launches Union Suraksha - Easy Life Cover
-Union Bank ties up with HDFC Standard Life to provide bank depositors an insurance cover under group policy with a target to bring in 50,000 customers under risk cover
-Union Bank of India has informed that the Central Government has nominated Shri A N Rao, Chief General Manager, Dept of Exp and Budgetary Control, Reserve Bank of India, Mumbai as a Director of Union Bank of India with effect from January 09, 2004 & until further orders vice Shri P Saran, RBI nominee Director on the Board of Bank.
-Union Bank of India has entered into a bancassurance tie-up with the Export Credit Guarantee Corporation Ltd [ECGCs] for marketing the latter export credit insurance products
-Union Bank Of India has informed that the Bank Juhu Tara Road Branch has bagged the 'Best Branch Award for Technosavvy and Customer Friendly' awarded by Institute for Development & Research in Banking Technology [IDRBTs], Hyderabad.
-Union Bank Of India has informed that the Bank has on April 07, 2004, inked an agreement with SBI Life Insurance Co. limited to make available to the Bank Home Loan borrowers' life insurance cover on group basis.
-TVS Motor Comp. & Union Bank of India [UBIs] have announced the launch of `Union Miles Scheme,' an exclusive two-wheeler finance scheme
- Union Bank of India [UBIs] has signed an agreement at Kochi, to facilitate international money transfer services using UAE Exchange Company `Xpress Money' on April 28, 2004.
-Union Bank of India has launched Union e-Remit, powered by TimesofMoney
-UBI ties up with Reliance MF to sell its products
-Union Bank of India in association with SBI Life Insurance has launched its new product, Union Home Plus
-The Union Bank of India & the TVS Comp. have tied up to provide finance for purchase of 3,000 motor-cycles in the coastal districts during the current financial year
-The Union Bank Of India has launched a new scheme `Union Home Plus' for benefit of housing loan borrowers
-Union Bank of India inaugurated its retail finance boutique at Ghatkopar [Easts] in Mumbai
-Union Bank of India has tied up with SBI Life to provide a group life insurance scheme for housing loan borrowers in Andhra Pradesh called 'Union Home Plus'
-Union Bank of India has launched a life insurance linked recurring deposit [RDs] scheme in association with the Life Insurance Corporation of India.
-Union Bank of India introduced six new products, including an insured recurring deposit scheme in association with Life Insurance Corporation, as part of its strategy to become a 'one-stop shop'
-UTI Mutual Fund [UTI MFs] & Union Bank of India announced a strategic tie up for distribution of UTI MF Schemes
-Union Bank of India has signed a memorandum of understanding for a tractor financing arrangement with Indo Farm Tractors and Motors Ltd & L&T - John Deere Pvt. Ltd on all India basis. Indo Farm Tractors and Motors Ltd has agreed to offer discount of Rs 6,000 for tractors up to 45 H.P. & Rs 6,500 for tractors above 45 H.P. L&T - John Deere Pvt. Ltd has offered discount of Rs 4,000
-UBI launches new 'insurance recurring deposit' scheme
-UBI forges alliance with Netafim Irrigation Pvt Ltd
2005
- Principal PNB Asset Management Comp. ties up with Union Bank of India for distribution of their mutual fund schemes.
-Union Bank tie-up for Boosting Agriculture Lending
-Union Bank unveils new scheme to promote milk production
-UBI opens retail mart in Pune
2006
-Dena Bank & Union Bank of India have tied up with Small Farmers Agri-business Consortium [SFACs] to facilitate growth of agri business.
-Union Bank ties up with LIC to unveil group insurance.
- Union Bank of India has nominated Smt. Rani Satish as part-time non-official Director on the Board of Bank for a period of three years from the date of notification i.e. January 02 ,2007 or until her successor is nominated or until further orders, whichever is the earliest.
2007
- Union Bank of India has informed that the Central Government, in exercise of powers conferred by clause [as] of Sub-section [3s] of section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970 / 1980, read with sub-clause [1s] of clause 3, sub-clause[1s] of clause 8 of Nationalised Banks [Management & Miscellaneous Provisionss] Scheme, 1970 / 1980, & after consultation with the Reserve Bank of India, have appointed Shri. T Y Prabhu, General Manager, Canara Bank, as Executive Director of Bank, from the date of his taking charge of post & until further orders or till the date of his superannuation i.e. up to December 31, 2010, whichever is earlier.
2008
- Union Bank of India has informed that the Central Government, in exercise of powers conferred by Sub-section 3[hs] & [3-As] of Section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970/1980, read with sub-clause [1s] of clause 3 of Nationalised Banks [Management & Miscellaneous Provisionss] Scheme, 1970/1980, have nominated Shri. Ashok Singh as part-time non-official Director on the Board of Bank for a period of three years from the date of notification i.e. February 19, 2008 or until further orders, whichever is earlier.
-Union Bank Of India had informed regarding appointment of Smt. Monika Kalia as Comp. Secretary of Bank. The Bank has now informed that Smt. Monika Kalia is designated as Compliance Officer of Bank. Her Contact number is 22896650 & E-mail id is monikakalia@unionbankofindia.com.
-Union Bank of India has rolled out two prepaid cards- Gift Card & Payroll Card. Both the cards are issued in denomination of Rs 500 to Rs 50,000 & are Visa-enabled. Gift Cards are issued in convenient denomination of Rs 500 to Rs 50,000.
2008
- Union Bank of India has informed that the Central Government, in exercise of powers conferred by clause [es] of sub-section 3 of Section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970, read with sub-clause [2s] [as] of clause 9 of Nationalized Banks [Management & Miscellaneous Provisionss] Scheme, 1970, has appointed Shri. N Shankar as Workmen Director on the Board of Union Bank of India in place of Shri. Suresh Vishnupant Dange, for a period of three years from the date of notification i.e. September 15, 2008 or until further orders, whichever is earlier.
2009
- Union Bank of India has informed BSE that the Central Government, in exercise of powers conferred by sub-section 3 [hs] & [3-As] of Section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970/1980, read with sub-clause [1s] of clause 3 of Nationalised Banks [Management & Miscellaneous Provisionss] Scheme, 1970/1980, has nominated Dr. Gulfam Mujibi as part-time non-official Director on the Board of Directors of Bank, for a period of three years from the date of notification i.e. January 29, 2009 of his appointment or until further orders, whichever is earlier.
