Awareness About Union Bank of India
PROFILE OF THE BANK
UNION BANK OF INDIA - AN OVERVIEW
A Glorious Past - A Brighter Future
Union Bank of India was established on 11th November 1919 with its headquarters in the city of Bombay now known as Mumbai.
The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, the Father of the nation in the year 1921, and he said on the occasion: "We should have the ability to carry on a big bank, to manage efficiently crore of rupees in the course of our national activities. Though we have not many banks amongst us, it does not follow that we are not capable of efficiently managing crore and tens of crore of rupees."
His prescient words anticipated the growth of the bank that has taken place in the decades that followed. The Bank now operates through over 4200+ branches across the country. The Bank's core values of prudent management without ignoring opportunities is reflected in the fact that the Bank has shown uninterrupted profit during all 96 years of its operations.
Union Bank has been playing a very proactive role in the economic growth of India and it extends credit for the requirements of different sectors of economy. Industries, exports, trading, agriculture, infrastructure and the individual segments are sectors in which the bank has deployed credit to spur economic growth and to earn from a well diversified portfolio of assets.
Resources are mobilized through Current, Savings and Term Deposits and through refinance and borrowings from abroad. The Bank has a large clientele base of over 5.7 crores.
On the technology front the Bank has taken early initiatives and 100% of its branches are computerized. The Bank has also introduced Core Banking Solution with connectivity between branches. 100% of the business of the Bank is under Core Banking Solution making it a leader among its peers in infusion of technology. Many innovative products are developed using the technology platform to offer an array of choices to customers, adding speed and convenience to transactions. Technology will also enable the Bank to derive substantial cost reduction while creating the requisite capacity to handle the ever increasing volume of business in a competitive environment that offers immense opportunities.
At the end of March 2015 the Bank achieved total business level of Rs. 5,79,627 crore (Rupees five lakh seventy Nine thousand six hundred and twenty seven crore).
Behind all these achievements is a dedicated team of staff, which is truly cosmopolitan in its composition. Many generations of members of staff have contributed in building up the strong edifice of the Bank. The present team of over 36,000 members of staff distinguishes itself with its customer centricity, willingness to learn and adherence to values enabling us to be recognized as a caring organization where people enjoy their work and relationship with customers.
(Source: Union Bank Website)
ORGANIZATIONAL CHART OF THE BANK
LIST OF DIRECTORS OF THE BOARD
|Sr.No||Name and Designation of the Director|
|1.||Shri Kewal Handa
Chairman & Part-Time Non-Official Director
|2.||Shri Rajkiran Rai G.
Managing Director & CEO
|3.||Shri Raj Kamal Verma
|4.||Shri Gopal Singh Gusain
|5.||Shri Dinesh Kumar Garg
|6.||Dr. Madnesh Kumar Mishra
Govt Nominee Director
|7.||Shri Anil Kumar Misra
RBI Nominee Director
|8.||Shri Rajiv Kumar Singh
Chartered Accountant Director
|9.||Dr. K. Ramesha
Part-Time Non-Official Director
|10.||Dr. Madhura Swaminathan
Part-Time Non-Official Director
|11.||Dr. Uttam Kumar Sarkar
|12.||Shri K. Kadiresan
|13.||Shri Jayadev M
Details Of Departments
Business Process Transformation
Central Accounts & FPIR
Central Audit & Inspection Department
Chief Information Security Officer
Compliance, Know Your Customer, Anti Money Laundering
Corporate Communication Department
Credit Monitoring And Restructuring Department
Credit Recovery Department
Customer Acquisition Group
Digital Banking Department
Govt. Business Dept.
International Banking Division & DFB
Large Corporate & Loan Syndication
Mid Corporate Vertical
MSME [Micro Small & Medium Enterprises]
Personal Banking & Operations
Risk Management Department
Retail Banking & Marketing Department
Rural & Agri Business
Support Services & Branch Expansion
Wealth Management & Third Party Products
|In the Banks Corporate Mission Statement, one of the points is “To offer a comprehensive range of products to meet all financial needs of customers”. In order to move towards the cherished goal of becoming a financial supermarket, Union Bank of India has setup Joint Ventures with multinational companies which are well known and recognized as among the leaders in their area of expertise.|
|Star Union Dai-Ichi Life Insurance Co. Ltd.||Union Bank of India is distributing Life Insurance products.|
|Union Asset Management Co. Pvt. Ltd.||Union Mutual Fund (Formally Union KBC Mutual Fund).|
|Union trustee Co.Ltd|
AWARDS & COMMENDATIONS
|Union Bank of India has been the proud recipient of many awards and commendations. It is an honor to be appreciated for the work we do in serving the customer and society.
· Union Bank of India wins Best Financial Inclusion Initiatives (winner) and Best Technology Bank of the Year (runner-up) Awards from IBA (Indian Banks’ Association) at Mumbai on 21st February, 2017
· Union bank of India wins champion of champions trophy and six individual category awards for Union Dhara(banks inhouse journal) at the 55th ABCI ( Association of Business Communicators of India) awards ceremony held at Mumbai on 18th March, 2016
· Union Bank of India wins Banking Disruptor of the year Award 2016 for Product Union Selfie ( Excellence in Advertising & Marketing) awarded by Bloomberg TV India-18 March, 2016
· Union Bank of India won the following awards under Corporate Social Responsibility
· 1.Bank with Best CSR practices award was presented to Union Bank Social Foundation
· 2.CSR Leadership Award for promoting Employment for the Physically Challenged
· 3.CSR Leadership Award for best use of CSR practices in Banking Sector
· 4.Excellence in Banking (PSU category)
· 5.Best Bank in Public Sector under Banking Financial Services & Insurance category
· Union Bank of India was presented Golden Peacock Awards for excellence in HR practices during the 10th International Conference on Corporate Social Responsibility conducted by the Institute of Directors.
· Union Bank of India wins the Prestigious ‘1st Best Vigilance Excellence Award (2015-16) in Corporate Category’
· Sri Atul Kumar, CVO, Union Bank of India wins the Prestigious ‘Vigilance Excellence Award (2015-16) in Individual Category’
· Union Bank of India won 6 IBA (Indian Bank Association) Technology Awards 2015-16 under following categories
o 1.Best Technology Bank of year
o 2.Best use of Digital & Channels Technologies
o 3.Best use of Technology to enhance Customer Experience
o 4.Best Risk Management, Fraud, Cyber Security
o 5.Best Financial Inclusion Technology Initiatives and
o 6.Best Payment Initiatives
· Union Bank has bagged “SKOCH Order-of-Merit Award 2015" under three areas “eKYC Application” , “Union Fee Pay – Kendriya Vidayalaya ” and “Technology for Financial Inclusion” in the SKOCH summit on Technologies for Growth.
· Union Bank has bagged "elets Awards 2015" under “Multi Channel Payment Solution (IMPS)” in the Global Conference on Financial Inclusion & Payment Systems (FIPS) organized by elets Technomedia Pvt. Ltd.
· Union Bank bagged "ICT4 Development Awards 2015" under ‘Green Information Technology (IT) Initiative’ category from Associated Chambers of Commerce and Industry of India (ASSOCHAM), New Delhi
· Union Bank bagged IDC Insights Awards for ‘Excellence in Innovation’ from Financial Insights, International Data Corporation (IDC).
· Union Bank has bagged "National Award for Innovative Training Practices" ( Second Prize for 2014-15) instituted by Indian Society for Training & Development (ISTD), New Delhi.
· Union Bank of India bags SKOCH ORDER-OF-MERIT award for Financial Inclusion Technology in Skoch Financial Inclusion & Deepening Award Conference held on 11th June 2015 at Mumbai, Maharastra. Bank bags this award for implementing various Technology initiatives to support all government schemes covered under the ambit of Financial Inclusion. Initiatives include FI Gateway, Centralized Bio-metric Authentication System, AADHAAR Enabled Payment System, AADHAAR Payment Bridge System, Kiosk Banking Application, Demographic verification of AADHAAR holders & AADHAAR seeding, Direct Benefit Transfer Scheme and eKYC based account opening.
· Union Bank of India bags the Express Uptime Champion Award 2014 for its Network Operations.
· Union Bank of India won 6 IBA (Indian Bank Association) Technology Awards under following categories
§ 1.Best Payment Initiatives
§ 1.Best Technology Bank of the year
§ 2.Best Risk Management & Security
§ 3.Best use of Mobility Technology
§ 4.Best Internet Bank
§ 5.Best Use of Technology in Training and Learning Initiative
· Union Bank of India bags Financial Inclusion Technology Initiative award in the Global Conference on Financial Inclusion & Payment Systems
· Union Bank bags First prize under RBI Rajbhasha Shield and Second prize under Bilingual House Journal Competition from Reserve Bank of India
· Our bank bags IDRBT IT Excellance Awards 2012-13 under following categories
o IT Excellance Award for "Best IT Team"
o Special Award for "Technology for FI"
o Special Award for "Managing IT Risk"
· The Dale Carnegie Leadership Award was conferred on Union Bank of India on 28th October 2010 by Dale Carnegie Training for the Bank's transformation initiatives undertaken through project Nav Nirman.
· Our Bank has been the winner of Association of Business Communicators of India (ABCI) Gold Award for marketing and Brand Communications, 2010. The award is in recognition of the transformation process undertaken by the Bank.
· Our Bank was ranked as the 275th most valuable global banking brand for calendar year 2009, up from 351st rank in 2008.
· The ranking is carried by Brand Finance Plc, an independent intangible asset valuation and brand strategy global firm
· The brand value rating for Union Bank is A+ (A means strong) compared to BB (BB means Average) in previous year
· Bank's brand value increased by 148% during the calendar year 2009.
· The Asian Banker ranked Union Bank of India the 7th Strongest Bank in Asia-Pacific Region in 2009. The Bank was ranked at No. 3 amongst banks in India.
· Our Bank has participated in the prestigious Banking Technology Awards 2009 conducted by IBA-TFCI award and bagged the Best User of Business Intelligence award.
· Union Bank of India was awarded the prestigious Skoch Challenger Award 2009 for excellence in capacity building through innovative concept of 'Village Knowledge Centre' as part of financial inclusion initiatives
KNOW YOUR CUSTOMER POLICY OF UNION BANK OF INDIA
|List of documents to be obtained from different types of customers|
|What is Officially Valid Document (OVD)?
“Officially Valid Document” (OVD) means the passport, the driving license, the Voter’s Identity Card issued by Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and the letter issued by the National Population Register containing details of name and address or any document as notified by the Central Government in consultation with the regulator.
Explanation:- For the purpose of this clause, a document shall be deemed to be an OVD even if there is a change in the name subsequent to its issuance provided it is supported by a marriage certificate issued by the State Government or Gazette notification, indicating such a change of name.
In case the identity information relating to the Aadhaar number submitted by the customer does not have current address, an OVD as defined as above shall be obtained from the customer for this purpose.
Provided that in case the OVD furnished by the customer does not contain updated address, following documents shall be deemed to be OVDs for the limited purpose of proof of address.
i. Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
ii. Property or Municipal tax receipt;
iii. Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertaking, if they contain the address;
iv. Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation;
Provided further that the customer shall submit Aadhaar or OVD updated with current address within a period of three months of submitting the above documents.
Where a customer is permitted to act on behalf of another person/entity in conformity with the established law and practice of banking as there could be occasions when an account is operated by a mandate holder or where an account is opened by an intermediary in fiduciary capacity, in such cases KYC checks shall be performed on the beneficial owners or mandate holder also, as the case may be.
In case of opening of account in the name of minor, KYC procedure on guardian shall be performed. Minor, on becoming major, shall be allowed to operate the account on completing KYC procedure.
Relaxation of KYC in Small Savings Bank Deposit Accounts:
If an individual does not possess Aadhaar/enrolment number and PAN and desires to open a bank account, Bank shall open ‘Small Accounts’ subject to following:
a. Customer may be allowed to open such an account, on production of a self-attested photograph and fixation of signature or thumb print, as the case may be, on the account opening form.
b. The designated officer of the bank certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence.
c. These accounts opened with relaxation provisions shall remain operational for a period of twelve months and thereafter for a further period of twelve months if the holder of such an account provides evidence before the bank of having applied for any of the officially valid documents within first twelve months of the opening of the said account.
d. The entire relaxation provisions shall be reviewed after twenty four months.
e. Foreign remittance shall not be allowed to be credited into the account unless the identity of customer is fully established through the production of an OVD and Aadhaar Number or the enrolment number which is not more than six months old, where the person is eligible to enroll for Aadhaar number has not been assigned an Aadhaar number. Provided that if the customer is not eligible to be enrolled for the Aadhaar number, the identity of customer shall be established through the production of an OVD.
f. If at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/-or the aggregate of all credits in a financial year exceeds Rs.1,00,000/- in a year or the aggregate of all withdrawals and transfers in a month exceeds Rs.10,000/-, no further transactions will be permitted until full KYC procedure is completed. KYC must be submitted otherwise operations in the account will be stopped on crossing the limit.
|Are KYC requirements applicable to existing customers also ?
Yes. All existing customers need to update KYC procedure periodically.
Are KYC requirements new ?
No, KYC requirements have always been in place and Banksbeen taking KYC documents in accordance with the guidelines issued by RBI from time to time. RBI has revisited the KYC guidelines in the context of recommendations made by the Financial Action Task Force (FATF) on Anti Money Laundering standards and on Combating Financing of Terrorism and enhanced the KYC standards in line with international benchmarks
How could this affect you as a customer ?
Is KYC mandatory ?
What will happen if you do not provide the required KYC information / documents to the Bank ?
Help us to Help You
|CENTRAL ASSISTANT PUBLIC INFORMATION OFFICERS (CAPIOs)
All Branch Managers of bank are designated as Central Assistant Public Information Officers (CAPIOs). For any RTI inquiry regarding a branch, the authority will be the CAPIO i.e. the Branch Manager.
CYBER SECURITY TIPS
Source: Union Bank website, Economic Times & various websites.