Father of the Nation, Mahatama Gandhi,inaugurated the Union Bank Of India on November 11, 1919. It covers all the sectors of the society, be it agriculture, industry, trade and commerce, services or infrastructure, the bank plays a major role in rendering services to the financial needs of every section. Apart from this, the bank also extended financial support to educational, housing and trade sector.
In 1947, the bank had only 4 branches which include 3 in Mumbai and 1 in Saurashtra. The bank was nationalised in 1969 and at time of nationalisation the bank had total 240 branches all over India.
In June 2000, Union Bank acquired Bank of America's highly profitable operations in Pakistan and went on to become one of the largest private commercial banks. The acquisition added a new dimension to Union Bank's business and enhanced its customer base, deposits, and loan portfolio quality. This acquisition also enhanced Union Bank's corporate image in the domestic financial market.
PRODUCTS AND SERVICES OFFERED BY UNION BANK:
Deposits Account:
Cumulative Deposit Scheme
Deposit Reinvestment Certificate
Union Flexi-Deposit
Union Insured Recurring Deposit
Union 94 Months Double Scheme
Monthly Income Scheme
Tax Exemption Deposits
Union Float Deposits
Union Unfixed Deposits For NRI
FCNR (B)
Foreign Currency Deposit
RFC
SERVICES OFFERED BY UNION BANK OF INDIA:
(1)Personal Banking
(2)NRI Banking
(3)Corporate Banking
(4)MSME Banking
(5)Internet Banking
DISTRIBUTION CHANNELS OF UNION BANK OF INDIA
Union Bank have a strong network of more than 5000 service outlets which shall provide a sound distribution channel, which is the key to the success of an insurance venture. The 40 million banking customers base of the bank taken together shall provide much scope of cross selling of insurance products. Additionally the Regional Rural Banks sponsored by the bank have more than 1400 service outlets to tap the life-insurance business in the rural areas
(1)Bank Branches:
Union Bank have a strong network of more than 5000 service outlets which shall provide a sound distribution channel, which is the key to the success of an insurance venture. The 40 million banking customers base of the bank taken together shall provide much scope of cross selling of insurance products. Additionally the Regional Rural Banks sponsored by the bank have more than 1400 service outlets to tap the life-insurance business in the rural areas.It has the second highest number of branches by any bank in the country. The maximum business of the bank is performed at its branches.
(2)ATM(Automated Teller Machine)
The ATMs of Union Bank of India are used by the large number of people because the ATMs are located at all major cities of India. It facilitates the customer to do Banking transactions such as Cash withdrawal, balance enquiry, obtaining mini-statement, transfer of funds between his/her own accounts etc. Union Bank of India tied up with Visa for issuing International Debit Cards to the customers of all its branches. The Debit Card provides 'ANY TIME / ANY WHERE' Banking to the customers. Presently, Bank has 2123 ATMs (as on 25.09.2009) which are on-line (connected to a switch), conveniently located and spread across the country. The Debit Card can also be used for making purchases. The daily withdrawal limit through ATMs is Rs.25,000/- and the limit for making purchases is Rs.25,000/- (combined limit Rs.50,000/-). The ATMs are one of the well equipped ATMs therefore it becomes easier for the people to withdraw cash. These are opened all the round on a 24x7 basis. These are not closed even on holidays. Thus customers can access their account as and when they require it.
(3)ONLINE BANKING:
Union Bank of India provides online services to its customers. Through online banking, the customers of the bank can access their services of the bank 24 hours, 365 days from their homes itself. These facilities are offered to both the individual and corporate customers.
Online banking provides with the following features:
Transactional (e.g., performing a financial transaction such as an account to account transfer, paying a bill, wire transfer... and applications... apply for a loan, new account, etc.)
Electronic bill presentment and payment - EBPP
Funds transfer between a customer's own checking and savings accounts, or to another customer's account
Investment purchase or sale
Loan applications and transactions, such as repayments of enrollments
Non-transactional (e.g., online statements, check links, cobrowsing, chat)
(4)Direct Selling Agents:
Union bank of India also uses direct selling agents to reach its customers more easily at their place. The bank appoints direct selling agents and gives them a particular area of operation. In this way bank makes it products and services available to the public who are not having access to bank.
(5)Mobile Banking:
UMobile- a milestone in banking - provides the customers a secure and convenient means of inquiries and fund transfer from anywhere anytime. Customers can transfer money to Union Bank of India accounts, check their account balance and do a mini- statement, all this happens by way of secured messaging from their mobile handsets. UMobile is a secured payment channel since the customer does not compromise with his debit card number or ATM pin.
FEATURES:
UMobile service currently has the following features:
Fund Transfer:
The option will allow the account holders to transfer funds to another account holder of the Union Bank of India. It requires both account holders to have registered for UMobile services.
Balance Enquiry:
This option displays the current balance of the account holder.
Mini Statement:
This option displays the last nine transaction of the account.
