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

 Awareness About Union Bank of India

As Union Bank of India Celebrates Centenary Year from 11th November 2018 till November 2019 on Completing 100 years   (11-11-1919 - 11.11.2019) We wish Union Bank

*A very Happy Birthday to you dear Union Bank of India*

Born on 11.11.1919, this day 11.11.2018 is the 100th birthday and Foundation day. It has been century of trust filled with joy and happiness. Having commenced your existence in erstwhile Bombay at the august hands of none other than the Father of the nation, Mahatma Gandhi, we all feel proud and humbled to have branched out not only to more than 4300 branches and 6800+ ATMs all across India but have made your presence felt across the world. From being the 1st PSB to launch core banking operations in 2008 to being a techno savvy bank with 75% of the operations processed digitally, today Union Bank is  one of the leading PSBs in the country and owe its formidable success story to all Unionites, past and present who have strengthened me brick by brick as the Bank continues to remain _"Good people to bank with" to all the loyal customers who have stood by it. Union Bank  looks forward to this centenary year with great zeal and enthusiasm which will be a year of celebration for all Unionites. The future beckons with even great enthusiasm and grit knowing very well that my century of trust will be carried forward to another century with equal vigour.

It has been century of trust filled with joy and happiness.

We have presented here certain Information about Union Bank of India which will help you understand more about the Bank – its profile, aspirations, leadership team, the banking and other policies adopted etc. The KYC, RTI Policy of the Bank is also given for the benefit of Readers.

PROFILE OF THE BANK

The Corporate Vision and Corporate Mission are the basis on which the roadmap for the future has been constructed. Union Bank has an able and experienced leadership team, with Shri Rajkiran Rai G. as Managing Director and CEO. Under his guidance the Bank aspires to be the best bank in terms of customer excellence.

 CORPORATE VISION & MISSION

CORPORATE VISION

To become the bank of first choice in our chosen areas by building beneficial and lasting relationships with customers through a process of continuous improvement 

At Union Bank of India they have the vision to be:
• The largest nationalized bank in India, with global presence.
• A financial supermarket, with leadership in identified spaces.
• A top shareholder wealth creator where growth is a passion.
• A young, innovative and adaptive organization leveraging its experienced
workforce.
• A bank where customers are supreme and the brand admired by all
stakeholders.
• An organization that cares for society and demonstrates best corporate
governance.
The following strategies were identified by the bank for achieving the vision:
a) Grow faster -- 5% over the growth rate of peer banks in business.
b) Do things differently -new methods of doing business.
c) Every one to contribute— share the vision and take effort to realize it.
d) Challenge the mind set— proves themselves that they can change.

 CORPORATE MISSION  

  •  To be a customer centric organization known for its differentiated customer service
  •  To offer a comprehensive range of products to meet all financial needs of customers
  •  To be a top creator of shareholder wealth through focus on profitable growth
  •  To be a young organization leveraging on technology & an experienced workforce.
  •  To be the most trusted brand, admired by all stakeholders
  •  To be a leader in the area of Financial Inclusion

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)

History of Union Bank of India

Union Bank of India was established on 11th November 1919 with its headquarters in Mumbai. It was promoted by Seth Sitaram Poddar 1 and for the first three years was under European Management. 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.”

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

 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 
Executive Director
4. Shri Gopal Singh Gusain
Executive Director
5. Shri Dinesh Kumar Garg
Executive Director
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
Shareholder Director
12. Shri K. Kadiresan 
Shareholder Director
13. Shri Jayadev M 
Shareholder Director

 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

Financial Inclusion

Govt. Business Dept.

Human Resources

Information Technology

International Banking Division & DFB

Large Corporate & Loan Syndication

Law Department

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

Treasury

Wealth Management & Third Party Products

 JV/Subsidiaries

 Joint Ventures

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.

  Insurance

Star Union Dai-Ichi Life Insurance Co. Ltd. Union Bank of India is distributing Life Insurance products.

 Asset Management

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

Winner

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

Winner

§  1.Best Payment Initiatives

Runner up

§  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

Features

Who is a customer of the Bank? 

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.

List of documents to be obtained from different types of customers
Type of customers Documents to be obtained
Individuals
For Identification as well as for address (provided it bears the present address mentioned in AOF).
Individual who is eligible for Aadhaar:-

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.

For Address
(Only Full Address shall be accepted. Post Box / Bag Numbers shall not be accepted)
It is implied that proof of address also follows from the above documents only.

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)

Joint Individuals As mentioned above for individuals for each of the joint individuals.
Non Resident Indians – Individuals Copies of Passport and Residence Visa, a valid document indicating foreign residential address and passport size photographs of the applicant. The applicant is to be duly introduced by Banker/ Notary Public/ Indian Embassy/ Local customer who have been subjected to full KYC Procedure. If OVD submitted by a Foreign national does not contain the details of address, in such case the documents issued by the Government department of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India shall be accepted as proof of address.

·        Recent Passport size photograph

Proprietary concern

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)

Apart from Customer Identification Procedure as applicable to the proprietor any two of the following documents in the name of the proprietary concern would suffice.

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

Hindu Undivided family
For Identity of the HUF, its activities, address and authority for opening and operation of its account(s) For identity of the Karta and major co-parceners of the HUF who are authorized to operate the account(s) and their addresses.
Prescribed Joint Hindu Family Letter signed by all the major Co-parceners. Declaration form from the Karta.
(i)   Identity & Address proof of individual as mentioned above of the Karta and each of     the major co-parceners as applicable to individuals.
(ii)   Recent Passport size Photographs of Karta & all major co-parceners.
Partnership Firms
For Identity of the Firm, its activities, address and authority delegated for opening and operation of its account(s).

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

For Identity Proof of the Partnership Firm

(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.

Companies / Corporations

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) Certificate of Incorporation (ii) Memorandum and Articles of Association (iii) Current list of directors with their bio-data (iv) A Resolution from the Board of Directors and Power of Attorney granted to its managers, officers or employees to transact on its behalf; and

(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.

Trusts

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.

Trusts

(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.

Societies, Associations NGOs, Clubs, and other organizations

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)   Certificate of Registration (ii) Bye laws (iii) List of Managing Committee Members and their bio-data (iv) Resolution of the Managing Committee of the Organization for opening of the account and delegating powers to operate the accounts of the organization.

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.

Local Bodies/Government Departments etc.,
For Identity of the applicant, its activities, address and authority delegated for opening and operation of its account(s).
Local Bodies/Government Departments etc.,

(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.

Unincorporated association or body of individuals including societies

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

Information as may be required by the bank to collectively establish the legal existence of such an association or body of individuals

(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.

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 ?
This procedure helps in ensuring genuine persons open account and avoid unscrupulous persons getting access to the Bank by impersonating you as a customer. This will also avoid using banking channel for illegal activities.

Is KYC mandatory ?
Yes. It is a regulatory and legal requirement.
Regulatory: In terms of the guidelines issued by the Reserve Bank of India (RBI) on November 29, 2004 on Know Your Customer [KYC] Standards – Anti Money Laundering [AML] Measures, all banks are required to put in place a comprehensive policy framework covering KYC Standards and AML Measures.
Legal: The Prevention of Money Laundering Act, 2002 (PMLA) which came into force from July 1, 2005 (after “rules” under the Act were formulated and published in the Official Gazette) also requires Banks, Financial Institutions and Intermediaries to ensure that they follow certain minimum standards of KYC and AML as laid down in the Act and the “rules” framed there under

What will happen if you do not provide the required KYC information / documents to the Bank ?
The Bank will be entitled to refuse to open the account (if you are a prospective customer) or discontinue its relationship with you citing non-providing of KYC information / documents (if you are an existing customer). If you however, require reasonable time to furnish certain non-critical documents you can approach the branch / sales staff.

Help us to Help You
Please help us to fulfill legal and regulatory requirements by providing documents to prove your identity. If the decision to establish relationship with a prospective customer requires clearance at a higher level, reasons for any delay will be informed to the customer and the final decision of the Bank will be conveyed to the customer at the earliest. KYC process is applicable to all products of the Bank.

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.

1. Preliminary Information
1.1 The Right to Information Act, 2005 extends to the whole of India except the state of Jammu & Kashmir. The said act has been enacted to enable members of the general public seek information under the control of public authorities with a view to promoting transparency and accountability in the working of every public authority.
2. What kind of information can be sought?
2.1 Information means any material in any form, including records, documents, memos, e-mails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority.
3. Who can seek information?
3.1 Any member of the public has a right to seek information by making a request either in writing or through electronic means either in Hindi, English or the prevalent local language along with the fee prescribed in this respect. It is not necessary that the person seeking information should disclose the purpose of his seeking the information.
A request for obtaining information under sub-section (1) of section 6 shall be accompanied by an application fee of Rs.10/- (Rupees ten only) by way of cash or by demand draft or postal order or pay order payable to Union Bank of India. If the fees are paid in cash, the same should be deposited at a branch nearest to the applicant and the receipt of payment should be enclosed to the request.
For providing the information under sub-section (1) of Section 7 (disposal of request), the fee shall be charged by way of cash against proper receipt or by demand draft or by postal order or pay order payable to Union Bank Of India at the following rates:
1. Rs.2- for each page (in A4 or A3 size paper) created or copied.
2. Actual charge or cost of a copy in larger size paper.
3. Actual cost for samples or models.
4. For inspection of records:
  4.1 No fee for the first hour
  4.2 A fee of Rs.5- for each fifteen minutes (or fraction thereof) thereafter.
Further to provide information under sub-section (5) of Section 7, the fee shall be charged by way of cash against proper receipt or any demand draft or postal order or pay order payable to Union Bank of India at the following rate.
a. For information provided in CD or floppy -> Rs. Fifty per CD or floppy.
b. For information provided in printed form
a. The price fixed for such publication OR
b. Rupees 2/- per page of photocopy for extracts from the publication.
4. What is the right to information?
4.1 This right means

·        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.

5. From whom the information will be available?
5.1 Union Bank of India has designated Regional Heads as Central Public Information Officers. Branch Managers are designated as Assistant Central Public Information Officers. Members of the public can apply for information to concerned Central Public Information Officers or concer ned Asst. Central Public Information Officers. The information shall, however, be provided by Central Public Information Officers.
5.2 At the Bank's Central Office, the Asst. General Manager (Law), and in his absence, Dy. General Manager (Law) at Legal Services Division, Central Office is designated as Central Public Information Officer to whom members of the public can apply for information under the control of Central Office Departments.
5.3 General Manager (CRLD), General Manager (PBOD) at Central Office and General Manager (FGMO, Delhi), General Manager (FGMO, Mumbai) and the General Manager (FGMO, Lucknow) have been designated as Appellate Authorities as per the details given in the page "CPIOs and Appellate Authorities" under RTI link. Members of the public who desire to appeal in case the designated information officer does not furnish the information desired or the information seeker is dissatisfied with the information provided may do so through a communication addressed to the concerned General Manager as the case may be.
6. Time for furnishing information
6.1 The Act provides for a period of 30 days from the date of receipt of the application for information to either provide the information or reject the request for any of the reasons specified under the Act. If the information desired concerns the life and liberty of a person, the same shall be provided within 48 hours of the receipt of the request.
7. Appeals
7.1 Any person who is either aggrieved by the decision of the CPIO or who has not received a decision within the specified time limits can appeal within 30 days from the expiry of the period. The appeal may be made to the Appellate Authority.
7.2 The appeal shall be normally disposed off within 30 days of the receipt of the appeal or 45 days from the date of filing if any extension has been granted by the authority hearing the appeal.
8. Information exempted from disclosure
8.1 Section 8 of the Act exempts any personal information of our customers which has no relationship to any public activity or interest or which would cause unwarranted invasion of privacy of the individual from disclosure. Public Sector Banks can, therefore, refuse to disclose information about the affairs of their customers on the ground that such disclosure will cause unwarranted invasion of privacy of the customers as envisaged by Section 8I1)(j) of the Act.
9. General Information relating to the Bank.
9.1 Our website unionbankofindia.com provides an array of information relating to our branch network, product details, internet banking, etc. to which the members of the public may refer for additional information.

    CYBER SECURITY TIPS

Please be aware of the following:

·        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

Source: Union Bank website, Economic Times & various websites.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.