Union Bank of India Share Price

Union Bank of India is one of India's prominent public sector banks, operating with a strong legacy and a commitment to excellence in financial services. With its headquarters in Mumbai, the bank has a widespread presence across the country, providing a comprehensive range of banking and financial solutions to millions of customers.

Since its inception, Union Bank of India has been at the forefront of the Indian banking sector, catering to various segments of customers, including individuals, corporates, MSMEs (Micro, Small, and Medium Enterprises), and government institutions. As a customer-centric organization, the bank strives to deliver innovative products and services to meet the diverse needs of its clients.

At the heart of Union Bank of India's operations lies a deep-rooted customer-centric approach. The bank consistently endeavors to understand the evolving needs of its customers and adapt its offerings to meet those demands effectively. By leveraging its extensive network of branches and ATMs, Union Bank ensures easy accessibility to its services across both urban and rural areas.

The bank's relationship managers go the extra mile to build strong and lasting connections with customers, guiding them through their financial journey and helping them achieve their goals. From simplified account opening procedures to personalized loan options, Union Bank of India strives to make banking a hassle-free and rewarding experience for all.
 

History and Milestones

The journey of Union Bank of India began in 1919 when it was established as a limited company in Mumbai. The bank was inaugurated by Mahatma Gandhi, who also served as a board of directors member for a brief period. From its early days, the bank focused on fostering financial inclusion and supporting economic growth.

Over the years, the Union Bank of India has witnessed significant milestones. In 1969, it became a nationalized bank as part of the government's efforts to strengthen the banking sector. This move further enhanced its reach and ability to serve the nation. Since then, the bank has been growing steadily, expanding its network and adopting modern technology to provide efficient banking solutions.

Awards and Recognitions 

Union Bank of India has garnered numerous accolades and recognition for its outstanding contributions to the banking industry. Some of its recent awards include:

● Role Model Companies/NGOs/Institutions at 23rd Hellen Keller Awards 2022 by NCPEDP.
● Cloud Technology Award at CXO Cloud Leadership Awards by CXO Cloud Summit 2022.
● Best IT Risk & Cyber Security Awareness at 17th Annual Banking Technology Awards 2021 by IBA.
● Best Bank for MSMEs at the Financial Express BFSI Awards - Acknowledging its efforts to empower and nurture the MSME sector, a key driver of economic growth.
● Best Bank for NPA Management" at the Business Today Best Banks Awards - Recognizing the bank's prudential approach towards managing non-performing assets and maintaining robust credit quality.
● Best HR Strategy in Line with Business at the People Business HR Excellence Awards - Highlighting the bank's focus on employee development and engagement translates into superior customer service.

Important Facts 

● Owner: Government of India (83.49)%
● Number of employees: 75,500
● Total equity: ₹78,803.50 crore (US$9.9 billion)
● Total assets: ₹1,288,357.10 crore (US$160 billion)
 

Originally incorporated on November 11, 1919, in Mumbai as 'The Union Bank of India Ltd.,' Union Bank of India was founded under the guidance of Seth Sitaram Poddar. In 1921, the Bank relocated its registered office to Mumbai Samachar Marg, Fort, Mumbai, with an inauguration ceremony graced by Mahatma Gandhi. During the 1960s, the Bank entered a growth phase and strategically aligned its operations with national priorities.

In 2001, the Bank's Staff Training College in Bangalore achieved ISO 9001 certification. 2002 marked a significant milestone as the Bank conducted its initial public offering of equity shares, listing them on the BSE and NSE. To cater to NRIs in West Asia, the Bank introduced the 'Union Express Remittance scheme.' Additionally, it partnered with New India Insurance Company to market and distribute its products on a commission basis. Collaborations with two IT companies were also initiated to develop core-banking solutions.

On April 7, 2004, the Bank signed an agreement with SBI Life Insurance Co Ltd, offering life insurance cover to its Home Loan borrowers on a group basis. An exclusive two-wheeler finance scheme called the  'Union Miles Scheme' was launched in association with TVS Motor Company. A retail finance boutique was inaugurated at Ghatkopar (East) in Mumbai. This year, the Bank was recognized as one of the seven new Indian entrants in the Forbes 2000 list of the world's most influential and powerful companies.

As of March 31, 2021, Union Bank of India boasts an extensive network of 9,312 branches and 3 overseas branches in Hong Kong, Sydney, and Dubai. Moreover, the Bank operates 12,957 ATMs across 29 States and 5 Union Territories. Remarkably, 56% of its branches are strategically located in rural and semi-urban centers, promoting financial inclusion and accessibility.