On November 11, 2022, the Union Bank of India (UBI) celebrated its 104th foundation day at Mumbai, Maharashtra. The bank started its operation on November 11, 1919, and its head office building at Mumbai, Maharashtra was inaugurated by the Father of the Nation, Mahatma Gandhi in 1921.
As a part of celebrations, the bank has launched the following Union Vyom app & various other digital products:
Union Vyom App:
It is the super app of the Bank providing a one stop solution for all financial products.
This app enables the customer to do online transactions, avail Retail, MSME (Micro, Small & Medium Enterprises), loan, credit card, make investment in 5000+ mutual fund schemes, and buy insurance products without any assistance. One can also book flights, hotels, gift cards, cabs, donations & much more.
Other Launches:
i.Union Sparsh– Touch debit card, specially designed for visually impaired
ii.Union Muskaan– Zero balance saving account for children of 0-18 years age, having facility of term insurance, accidental death insurance, SMS banking, NEFT, IMPS at no cost. Also avail education loan on concessional rate.
- It will raise financial awareness & saving habits in children.
iii.Union Channel Finance– A fully automated financing solution for finance to dealers
iv.Union Digi-Sahaj– It is an online account opening platform to open a savings account instantly.
- It will empower small & medium businesses, to deliver the best customer experience.
v.Union SARAS– An acronym for Stressed Asset Recovery Automated Solution, it offers early resolution and effective management of stressed assets.
Facts about UBI:
i.On April 1, 2020, Corporation Bank and Andhra Bank amalgamated with the UBI.
ii.UBI was nationalized in 1969.
iii.In 1978 Bank became the first Nationalised Bank to publish Annual Report in Hindi.
iv.In 2008, it became the 1st Large nationalized Bank to achieve 100 % CBS networking.
Recent Related News:
i.UBI has taken the next step in promoting employees’ career trajectories and improving diversity in banking with Union Prerna 2.0-EmpowerHim, an industry-first and men-focused committee dedicated to improving the workplace environment.
ii.UBI has set RACE – grow RAM (retail, agriculture and MSME) loans, improve Asset quality, increase CASA (current account, savings account deposits) and increase Earnings – as its goal for 2022.
About Union Bank of India (UBI):
MD & CEO– A. Manimekhalai (the first Woman chief of UBI)
Headquarters– Mumbai, Maharashtra
Tagline– Good People to Bank with
