UNION BANK OF INDIA  – Centenary Year Celeberation – 2018-19

History of Union Bank of India

Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, Union Bank of India had four branches - three in Mumbai and one in Saurashtra, in trade centres. By the time the Indian government nationalized it in 1969, it had 240 branches. Shortly after nationalisation, Union Bank of India acquired Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank ( Bijapur; incorporated on 10 May 1948). Then in 1985 Union Bank of India acquired Miraj State Bank, which was established in 1929, and which had 26 branches. In 1999 the Reserve Bank of India requested that Union Bank acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank.

Union Bank expanded internationally in 2007 with the opening of offices in Abu Dhabi, United Arab Emirates, and Shanghai in the People's Republic of China. The next year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank opened a representative office in Sydney, Australia.

Bank’s Logo

                                                      Union Bank of India - Oldest Logo

Union Bank of India  - Previous old logo

Union Bank of India - Present Logo

Present Logo: The logo features two interlocking U’s in red and blue, stands for the consumer and the bank.  The two U’s stand for union and the integrity, security and strength, which Union Bank of India stands for. The colour blue represents commitment, while red is symbolic of the passion that exists at Union Bank of India.

Tagline: Good people to bank with

YEAR & EVENTS

Important Milestones of the UBI

Year                Events

1919                Bank founded in Bombay on 11th November 1919.

1921                Bank’s Registered Office inaugurated by Mahatma Gandhi, Father of the

                          Nation.

1923                Came under the management of Central Bank of India.

1944                Freed from the tutelage of Central Bank of India.

1956                Received licence to deal in all foreign currencies.

1964                Bank’s 100th branch opened at Irinjalakuda in Kerala. Three private sector

                           banks viz. Perumbavoor Bank Ltd. Catholic Union Bank Ltd. Nadar

                          Mercantile Bank Ltd. were taken over.

1969                Bank Nationalized along with 13 other leading Banks and Mr. F.K.F.

                           Nariman became its first Custodian.

1972                Bank’s 500th branch opened at Nalbari in Assam. Implementation of rajya

                          Bhasha (Hindi) in the banking industry as a whole.

1974                Bank assigned 8 lead districts, 4 in U.P. and 2 each in Kerala and M.P. for

                          assisting rural development.

1975                Belgaum Bank Limited, a private sector bank was taken over by Union Bank,

                          adding as many as 40 branches.

1977                Bank’s 1000th branch opened at Chetganj, Varanasi, and U.P.

1978                Bank became the first Nationalized Bank to publish Annual Report in Hindi

                        for 1977.

1979                Bank’s Diamond Jubilee Year celebrations inaugurated by RBI Governor, Dr.

                        J.G. Patel on 11th November, 1979.

1982                Bank received from the President of India, the ‘Government’s National

                        Award’ for outstanding export performance during 1979-80.

1985                Bank’s 1500th branch opened at Katila in Azamgarh (U.P.) Miraj State Bank

                         Ltd. with 26 branches amalgamated with the bank from 29“ July, 1985.

1994                Bank’s Platinum Jubilee celebrations held on 11th November, 1994.

1996                Bank’s 2000th branch opened at Tumkur in Karnataka.

1997                Bank’s Deposits crossed the  20,000 crore mark.

1998                Bank’s Advances crossed the  10,000 crore mark.

1999                Sikkim Bank Ltd. with 8 branches merged with the Bank.

2001                Bank’s total business crosses  50,000 crore mark. Staff Training College,

                         Bangalore acquires ‘ISO 9001’ Certification.

2002                Commercial import and onward sale of Gold to bullion dealers starts.

                          Depository services started. Cash Management Services launched. Public

                          issue of 18 crore shares with face value of  10/- at premium of  6/-

                         oversubscribed 5.22 times. Shares listed on Bombay Stock Exchange and

                         National Stock Exchange.

2003                Bank’s major IT initiative-Core Banking Solution- providing Anytime

                         Anywhere Banking along with Tele Banking launched. Bank starts selling of

                         non-life insurance products of New India Assurance Company Ltd. and

                        distribution of Mutual Funds. Offshore Banking Unit opened at SEEPZ++,

                        Mumbai.

2004                Launched Union e-remit. The bank was among the 7 new entrants to

                         Forbes- 2000 list of World’s Biggest and Most Powerful Companies.

2005                Bank achieved the landmark figure of total business mix of  1, 00,000 crore

                         as on 31st March 2005. Bank acquired number one position in terms of return

                          to investors as per study by ASSOCHAM. “Agri. Clinic” “Rural

                          Development and Self Employment Training Institutes” (RUDSETI) and

                       “Village Knowledge Centers” (VKC) were introduced to better equip the

                          rural masses with information of agricultural loan products, innovative

                          schemes and other information such as prices, weather conditions, etc. The

                          Bank was among the 30 Indian Companies listed by the Forbes Top 2000

                          Worldwide Firms.

2006                Bank launched technology product to enable online payment of fees by

                           Exporters and Importers to Director General of Foreign Trade (DGFT). Bank

                           launched online booking for Indian Railway tickets and Indian Airline tickets

                          for its customers. Bank launched sale of Gold Coins of 99.99% purity. Bank

                          launched UNION MITR, Financial Education Services at 51 centers.

2007                Bank opened record number of 56 new branches across the country in a single

                         day, i.e. on 2nd January, 2007. Bank opened its first Bio-metric ATM and

                         1001st CBS branch in Sivagangai, Tamil Nadu. Bank opened India’s highest

                         altitude ATM at 14300 ft. High in Serethang, Nathulla, Sikkim. Bank opened

                         its Representative Office in Shanghai, Peoples’ Republic of China.

2008                First large Nationalized Bank to achieve 100% CBS networking. Joins hands

                         with KBC Asset Management NV (KBC AM) for form a Joint Venture Asset

                         Management Company in India. Bank opens full fledged Overseas branch in

                         Hong Kong. Bank ties up with Wealth Advisors India Pvt. Ltd. and Edelweiss

                         Securities Ltd. for Wealth management Services. Bank unveils new logo and

                         launches re- branding initiative. Adjudged as the “Best Bullion Dealing

                         Bank” for the year 2007-08 by the Bombay Bullion Association. Bank crosses

                        the  2, 00,000 crore mark in total business. U mobile launched. Bank is the

                         first Public Sector Bank to offer Mobile Banking facility.

2009                Mr. P. Chidambaram, Honorable Home Minister, inaugurated the Bank’s

                         2501st CBS branch at Banjara Hills, Hyderabad. Bank launched Advanced

                         call centre at Powai, Mumbai. Bank sponsored Rewa Siddhi Gramin bank

                          becomes the first RRB in the country to achieve 100% CBS connectivity. The

                         bank attained second rank in National awards for excellence in lending to

                         micro enterprises 2008-09.

- Union Bank of India has informed BSE that the Central Government, in exercise of the powers conferred by sub-section 3 (h) and (3-A) of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (1) of clause 3 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, has nominated Dr. Gulfam Mujibi as part-time non-official Director on the Board of Directors of the Bank, for a period of three years from the date of notification i.e. January 29, 2009 of his appointment or until further orders, whichever is earlier.

- Union Bank of India has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on June 22, 2009, to elect three Directors from amongst shareholders other than the Government of India, in place of the following retiring shareholder's directors:

Shri. R R Nair, Prof. N L Sarda, Prof. M S Sriram. Further it may be noted that the following three Directors have been elected in the aforesaid Extraordinary General Meeting. Shri. Arun Kumar Nanda, Prof. M S Sriram (re-elected), Shri. S Ravi.

- Union Bank Of India has appointed Shri S.C. Kalia, (DoB :06.08.1951) Executive Director of Vijaya Bank, as Executive Director of Union Bank of India.

- Union Bank of India appointed Mr S.C. Kalia as Executive Director.

2010                The bank opened its 5th overseas representative office in London, U.K. in

                         April 2010. The bank already has 4 representative office in Shanghai,

                         Beijing in PRC, Abu Dhabi in UAE and Sydney, Australia.

                         - Union Bank of India has nominated Shri B. M. Sharma, as part-time non-official                                       director under Chartered Accountant Category, on the Board of Directors of Union Bank                           of India, for a period of three years from the date of notification i.e. April 16, 2010, of his                          appointment and/or until further orders, whichever is earlier.

                         - Union Bank of India has informed BSE that the Central Government, in exercise of the                            powers conferred by clause (c) sub-section 3 of Section 9 of the Banking Companies                                    (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (1) of                            clause 3 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme,                           1970/1980, has nominated Smt. Meena Hemchandra, as Director under RBI Nominee                               Category, on the Board of Directors of Union Bank of India, in place of Shri K. Sivaraman                          with immediate effect from the date of notification i.e. July 30, 2010 and until further                               orders.

- Union Bank of India has informed BSE that the Central Government, in exercise of the powers conferred by clause (a) of Sub section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (1) of clause 3 and sub clause(1) of clause 8 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, and after consultation with the Reserve Bank of India, has appointed Shri. S S Mundra, General Manager, Bank of Baroda, as Executive Director of Union Bank of India, with effect from the date of his taking over charge of the post and up to July 31, 2014 i.e. the last day of the month in which he would attain the age superannuation or until further orders, whichever is earlier

Shri. S. S. Mundra has taken over charge as Executive Director of the Bank from September 01, 2010.

2011 -Union Bank to expand operation in UK, Australia. -Union Bank of India bags Best Middleware Implementation Award.

2012 -Union Bank to open 100 talking ATMs. -Board recommended a Dividend of Rs. 8 per equity share. -Our bank bags IDRBT IT Excellance Awards 2012-13 under following categories - IT Excellance Award for "Best IT Team" - Special Award for "Technology for FI" - Special Award for "Managing IT Risk"

2013 -Union Bank of India has Appointed Ms. Neha Agrawal as a Compliance Officer. -Board recommended a Dividend of Rs. 8 per equity share.

2014 -Union Bank of India has Appointed Shri. Mihir Kumar as a Nominee Director. -Board recommended a Final Dividend of Rs. 1.30 per equity share. -Union Bank of India bags the Express Uptime Champion Award 2014 for its Network Operations. -Union bank has won 3 IBA banking technology awards

2015 -Union Bank of India launches Digital initiatives for its customers -Union Bank Has Won 6 Iba Banking Technology Awards 2015-16 -Union Bank of India signs MOU with Star Union Dai-ichi Life Insurance Company -Union Bank of India launches Tabulous Banking

2016 - Union Bank of India has been awarded the Best Bank Award for Use of Technology for Financial Inclusion among Large Banks by Institute for Development & Research in Banking Technology (IDRBT). -"Acquisition of 49% shareholding of Union KBC Asset Management Company Private Ltd and Union KBC Trustee Company Private Ltd by Union Bank of India".

 Source: Economic Times & UBI website

For the purpose of KYC policy, a ‘Customer’ is defined as:

·        A person or entity that maintains an account and/or has a business relationship with the Bank;

·        One on whose behalf the account is maintained (i.e. the beneficial owner);

·        Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law; and

·        Any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say, a wire transfer or issue of a high value demand draft as a single transaction.

The Bank before establishing any banking relationship will carry out due diligence as required under "Know Your Customer" (KYC) guidelines issued by the Reserve Bank of India (RBI) and or such other norms or procedures adopted by the Bank.

What is Due Diligence? 

The Due Diligence process that the Bank follows, includes obtaining your recent photographs, verifying your identity, verifying your address, and other information on your occupation or business and source of funds including beneficial owner. The nature and extent of due diligence will depend on the risk perceived by the Bank.

What is Re-KYC?

Reserve Bank of India has prescribed that customer identification data, including photograph shall be updated and kept on record duly verified at least once in ten years in case of Low Risk Customer, once in Eight years for Medium Risk customer and once in two years in case of High Risk Customers. Such verification shall be done irrespective of whether the account has been transferred from one branch to another branch.

Aadhaar or Aadhaar Enrolment number (not older than 6 months from date of issue) and PAN/Form 60 (Mandatory Document).
Other OVDs or in case of Aadhaar Enrolment number:-
(i) Passport (ii) Voter’s identity Card issued by Election Commission of India (iii) Driving License (iv) Job card issued by NREGA duly signed by an officer of the State Government (v) Letter issued by the National Population Register containing details of Name, Address or any other document as notified by the Central Government in consultation with the Regulator.

Individual who is not eligible for Aadhaar (Non Resident, Resident in the state of Jammu and Kashmir or Assam or Meghalaya):-

PAN/Form 60 is Mandatory Document

Other OVDs:-
(i) Passport (ii) Voter’s identity Card issued by Election Commission of India (iii) Driving License (iv) Job card issued by NREGA duly signed by an officer of the State Government (v) Letter issued by the National Population Register containing details of Name, Address or any other document as notified by the Central Government in consultation with the Regulator.

Deemed OVDs for limited purpose of address:-

i.   Utility bill which is not more than two months old of any service provider (electricity, telephone, postpaid 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 undertakings, if they contain the address;
iv.   Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation; and

Provided that the customer shall submit Aadhaar or OVD updated with current address within a period of three months of submitting the above documents.

·        Recent Passport size photograph (in any of the above condition)

·        Recent Passport size photograph

For Identity of the concern, its activities, address.

For identity of the proprietor and his addresses (For creation of Proprietor’s Customer ID which is to be attached to the Proprietary Concern’s Account)

i.   Registration Certificate (in the case of a registered concern)
ii.   Certificate / License issued by the Municipal Authorities under Shop & Establishment Act,
iii.   Sales Tax and Income Tax Returns
iv.   CST/VAT/GST Certificate (provisional / final)
v.   Certificate/ Registration document issued by Sale Tax/ Service Tax/ Professional Tax authorities/GST.
vi.   IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT/ License/Certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute.
vii.   License (Certificate of Practice) issued in the name of proprietary concern by any professional body incorporated under a statute -

·        Institute of Chartered Accountants of India,

·        Institute of Cost Accountants of India,

·        Institute of Company Secretaries of India,

·        Indian Medical Council,

·        Food and Drug Control Authorities, etc.

·        or any other professional body incorporated under a statue

viii.   Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated / acknowledged by the Income Tax Authorities.
ix.   Utility bills such as electricity, water, and landline telephone bills not older than two months. In cases where the branches are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of those documents as activity proof. In such cases, the branches, however, would have to undertake contact point verification, collect such information as would be required to establish the existence of such firm, confirm, clarify and satisfy itself that the business activity has been verified from the address of the proprietary concern.
x.   Identity and Address proof of individual as mentioned above in respect of the person authorized/holding an attorney to transact on its behalf.
It is implied that proof of address also follows from the above documents only.
xi.   Recent passport size Photographs of the proprietor

For identity of the each partners (For creation of Partner’s Customer ID which is to be attached to the Partnership Firm’s Account)

(i)   Registration Certificate
(ii)   Partnership Deed

For Identification of the Firm’s Partners/Power of Attorney Holder and their Address

(i)   Identity proof of individual as mentioned above in respect of the person holding an     attorney to transact on its behalf.
(ii)   Address of each of the partners, as applicable to individuals.
(iii)   Recent passport size Photographs of all the partners.

For identity of the Company / Corporation, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the directors/ officials of the company/corporation who are authorized to operate the account and their addresses.

(i)   Identity proof of individual as mentioned above in respect of managers, officers or     employees holding an attorney to transact on its behalf.
(ii)   It is implied that proof of address also follows from the above documents only.
(iii)   Recent passport size Photographs of directors/authorized officials.

For Identity of the Trust, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the trustees who are authorized to operate the accounts of the Trust and their addresses.

(i)   Registration Certificate
(ii)   Trust Deed

(i) Identity proof of individual as mentioned above in respect of the persons holding a    power of attorney to transact on its behalf
(ii) Address proof of the trustees
(iii) Recent passport size Photographs of all Trustees/Authorized persons.

For Identity of the organization, its activities, address and authority delegated for opening and operation of its account(s).

For identity of the Managing Committee Members who are authorized to operate the accounts of the organization and their addresses.

i.   Identity proof of individual as mentioned above in respect of the person(s) authorized to transact on its behalf
ii.   Address proof of Committee members and authorized person to transact on its behalf.
iii.   Recent passport size Photographs of all Committee/Authorized members.

(i)   Notification/Resolution/Letter of Permission for opening and delegation of authority to operate the account.

(i)   Identity proof of individual as mentioned above in respect of the person(s) authorized to transact on its behalf (ii) Address proof of authorized officials. (iii) Recent passport size Photographs of all such authorized officials.

For Identity of the applicant, its activities, address and authority delegated for opening and operation of its account(s).

(i) Resolution of the managing body of such association or body of individuals; (ii) Power of Attorney granted to person to transact on its behalf (iii) Identity and Address proof of individual as mentioned above in respect of the person holding an attorney to transact on its behalf (iv) Recent Passport size photographs of all such authorized members.
Explanation: Unregistered trusts/partnership firms shall be included under the term ‘unincorporated association’ or ‘a body of individual includes Societies.

·        the right to information accessible under this Act which is held by or under the control of any public authority and includes the right to-

·        inspection of work, documents, records;

·        taking notes, extracts or certified copies of documents or records;

·        taking certified samples of material;

·        obtaining information in the form of diskettes, floppies, tapes, video cassettes or in any other electronic mode or through printouts where such information is stored in a computer or in any other device.

·        Choose an account with two factor authentication

·        Create a strong password

·        Secure your computer and keep it up-to-date

·        Avoid clicking through emails

·        Access your accounts from a secure location

·        Always log out when you are done

·        Set up account notifications (if available)

·        Monitor your accounts regularly