Union Bank of India
NSE: UNIONBANK BSE: 532477
₹202.27
(0.36%)
Tue, 03 Mar 2026, 08:33 pm
Market Cap1544.28B
PE Ratio8.15
Dividend2.35
Finance
Major Banks
24.5KCompany History
1969
- Established by ordinance on July 10.
- Acquired undertaking of Union Bank of India Ltd under Banking Companies (Acquisition and Transfer of Undertakings) Act 1969, effective retrospectively from July 19 via 1970 Act.
1970
- Allotted 5 districts under Lead Bank scheme; submitted survey reports for 3 districts.
1972
- Opened 36 branches in lead districts.
- Conducted study-survey for growth areas and credit gaps.
- Sponsored four regional rural banks.
1982
- Capitalized Rs 2.75 crore.
1985
- Government contributed Rs 24 crore.
1986
- Government contributed Rs 14 crore.
1988
- Government contributed Rs 14 crore.
1991
- Government contributed Rs 50 crore.
1993
- Government contributed Rs 230 crore.
2000
- Appointed M Venugopal as executive director.
- Introduced special leave scheme for employees.
- Introduced credit schemes for housing and consumer finance.
2001
- Closed voluntary retirement scheme.
- Raised Rs 100 crore subordinated debt under Tier II.
- Cut prime lending rate to 11.50% from 12.50%.
- Launched special deposit scheme for senior citizens.
- Staff college received ISO 9001 certification; offered training commercially.
- Appointed PriceWaterhouseCoopers as ALM and risk management consultant.
- Identified KPMG as strategic technology consultant for core banking.
- ICRA assigned LAA+ rating to Rs 100 crore subordinated debt.
- Rs 100 crore bond issue oversubscribed by 20%.
- Increased limit for held for trading securities to Rs 1,000 crore.
- Lowered interest rates on all maturities.
- Tied up with HDFC Standard Life for insurance products.
- Entered loan syndication; raised Rs 400 crore syndicated loan for IOC.
- Signed agreement with Chennai SSI for IT education loans.
2002
- Tied up with New India Assurance for insurance distribution.
- Rs 170 crore Tier-II subordinated debt fully subscribed in two hours.
- Net profit rose 102% to Rs 314 crore.
- Reduced interest rates on housing loans.
- Introduced Union Express Remittance scheme for NRIs in West Asia.
- Set up Cash Management Services in Coimbatore.
- Tied up with IT companies for core banking solutions.
- Shares listed on Sensex and Nifty.
- Launched Union Rent loan product.
- Launched Union Lifeguard emergency cash scheme in Mumbai.
- Entered agency trade services agreement with Standard Chartered.
2003
- Launched NRI Foreign Currency Loans and Domestic Resident Foreign Currency Accounts.
- Launched Core Banking Solution interconnecting 12 branches.
- Signed agreement with Corporation Bank for CMS infrastructure sharing.
- Implemented Quality Management System in 64 branches and 3 extension counters; obtained ISO-9001.
- Tied up for ATM network sharing.
- Launched Union BillPay with Billdesk.
- TCS to implement HRMS and payroll with PeopleSoft.
- Signed contracts with UAE Exchange Centre and Al Muzaini Exchange.
- Launched Cashtree ATM network with five PSBs.
- Allied with Maruti Udyog and Ford India for customer loans.
- Tied up with Jain Irrigation for crop finance.
- Appointed Mr Suresh Vishnupant Dange as special Assistant.
- CMD appointed Chairman of Indian Banks Association.
- Launched new schemes and hiked NRI deposit rates.
- Raised Rs 250 crore Tier II capital.
- Opened representative offices in Dubai and Doha.
- Tied up with Ford India for car financing.
- Moody's upgraded rating to D- from E+.
- Joined hands with Eicher and L&T for farm financing.
- Launched unique Housing Loan Scheme for IB staff.
2004
- Launched Union Suraksha - Easy Life Cover.
- Tied up with HDFC Standard Life for insurance cover to depositors.
- Nominated Shri A N Rao as Director.
- Entered bancassurance tie-up with ECGC.
- Juhu Tara Road Branch won Best Branch Award by IDRBT.
- Inked agreement with SBI Life for home loan life insurance.
- Launched Union Miles Scheme with TVS Motor for two-wheeler finance.
- Signed agreement with UAE Exchange for Xpress Money.
- Launched Union e-Remit powered by TimesofMoney.
- Tied up with Reliance MF.
- Launched Union Home Plus with SBI Life.
- Inaugurated retail finance boutique at Ghatkopar, Mumbai.
- Launched life insurance linked RD scheme with LIC.
- Introduced six new products including insured RD with LIC.
- Tied up with UTI MF for scheme distribution.
- Signed MOU for tractor financing with Indo Farm and L&T-John Deere.
- Forged alliance with Netafim Irrigation Pvt Ltd.
2005
- Tied up with Principal PNB Asset Management Company for mutual fund distribution.
- Tied up for boosting agriculture lending.
- Unveiled scheme to promote milk production.
- Opened retail mart in Pune.
- Launched on-line trading services.
- Launched agri-clinic scheme.
2006
- Tied up with Dena Bank and SFAC for agri-business.
- Tied up with LIC for group insurance.
- Nominated Smt Rani Satish as part-time non-official Director.
- Inked agreement with DGFT.
- Joined hands with NBHC.
- Launched sale of gold coins.
2007
- Appointed Shri T Y Prabhu as Executive Director.
- Set up retail asset branch at Madurai.
2008
- Nominated Shri Ashok Singh as part-time non-official Director.
- Designated Smt Monika Kalia as Compliance Officer.
- Rolled out prepaid Gift Card and Payroll Card.
- Launched wealth management services.
- Appointed Shri N Shankar as Workmen Director.
2009
- Nominated Dr Gulfam Mujibi as part-time non-official Director.
- EGM elected Shri Arun Kumar Nanda, Prof M S Sriram (re-elected), Shri S Ravi as shareholder Directors.
- Appointed Shri S C Kalia as Executive Director.
2010
- Nominated Shri B M Sharma as part-time non-official director (CA category).
- Nominated Smt Meena Hemchandra as RBI Nominee Director.
- Appointed Shri S S Mundra as Executive Director effective September 1.
2011
- Planned expansion in UK and Australia.
- Bagged Best Middleware Implementation Award.
2012
- Planned to open 100 talking ATMs.
- Board recommended dividend of Rs 8 per share.
- Bagged IDRBT IT Excellence Awards for Best IT Team, Technology for FI, and Managing IT Risk.
2013
- Appointed Ms Neha Agrawal as Compliance Officer.
- Board recommended dividend of Rs 8 per share.
2014
- Appointed Shri Mihir Kumar as Nominee Director.
- Board recommended final dividend of Rs 1.30 per share.
- Bagged Express Uptime Champion Award for Network Operations.
- Won 3 IBA Banking Technology Awards.
2015
- Launched digital initiatives.
- Won 6 IBA Banking Technology Awards.
- Signed MOU with Star Union Dai-ichi Life Insurance Company.
- Launched Tabulous Banking.
2016
- Awarded Best Bank for Use of Technology for Financial Inclusion by IDRBT.
- Acquired 49% shareholding in Union KBC Asset Management Company Private Ltd and Union KBC Trustee Company Private Ltd.
2018
- Sold entire 10% stake in Experian Credit Information Company.
2019
- Won Special Jury award.
2020
- Expanded insurance distribution after amalgamation of Andhra Bank and Corporation Bank effective April 1.
- Won Banking Technology Award.
- Runner-up in Modern Technologies led innovation.
- Won GOLD under MSME Category.
- Won Best MSME Bank (Public Sector Bank).
2021
- Board approved capital raising plan up to Rs 9,700 crore.
2022
- Launched Union Prerna 2.0 - EmpowerHim.
- Acquired 99,000 equity shares in India Debt Resolution Company Limited.
2023
- Secured 1st Rank in EASE reforms Disability Positive Awards for Best Organization for PWD Inclusion.
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