YEAR EVENTS 1969 - The Bank was brought into existence by the Ordinance issued on 10th July, by the Central Government. In terms of the Ordinance, the Undertaking of `The Union Bank of India, Ltd.', was replaced by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969. An Ordinance was thereupon promulgated which was later repalced by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 which was made effective retrospectively from 19th July, 1969. 1970 - Under the `Lead Bank' scheme, the Bank was allotted 5 districts and the survey reports in respect of 3 districts were submitted. - The Bank opened a total of 36 branches in the lead districts till the end of 1972. 1972 - A fresh study-cum-survey was undertaken for evaluation of results of the Bank's activities in the area, further identification of growth area and credit gaps and preparation of a concrete programme of action in such areas. The Bank sponsored four regional rural banks. 1982 - Rs 275,00,000 was capitalised. 1985 - Rs 2400,00,000 contributed by Government. 1986 - Rs 14,00,00,000 contributed by Government. 1988 - Rs 14,00,00,000 contributed by Government. 1991 - Rs 50 crores contributed by Government. 1993 - Rs 230 crores contributed by Government. 2000 - M. Venugopal, chief executive of Bank of India's European Operations, has been appointed executive director of Union Bank of India. - Union Bank of India has introduced a special leave scheme for its employees. - The Bank has introduced novel credit schemes for housing and consumer finance. 2001 -Bank closed its voluntary Retirement Scheme. -United Bank of India has raised Rs.100cr by way of subordinated debt under Tier II. -UBI cuts its Prime Lending Rate to Rs.11.50% from 12.50%. -United Bank of India has launched special Deposit Scheme for senior citizens, which will offer a high rate of interest on all domestic term deposit. -United bank of India staff college, which received ISO 9001 certification is offering its training programmes on commercial basis. -Bank appoints PriceWaterCoopers(PwC) as consultant for putting in place a structured asset liability management and risk management system. -UBI has identified KPMG as its strategic technology consultant for implementing the 'core banking solution'. -Taking into consideration the sovereign ownership, diversified risk portfolio, consistent track record, the credit rating agency (ICRA) has assigned an LAA rating to the 100cr subordinated debt programme of UBI. -UBI bond issue for Rs. 100cr was oversubscribed by over 20% on the first day. -UBI has increased the maximum limit for investments in 'held for trading' securities to Rs.1000cr for the current fiscal in a bid to increase its bottomline. -Bank lowers the interest rates on all maturities. -HDFC Standard Life Insurance Company has tied up with Union Bank of India for selling its insurance products. -UBI has forayed into the loan syndication business for corporates. The bank has raised a one-year syndicated loan of Rs.400cr IOC. -Chennai based SSI has signed an agreement with Union Bank of India to jointly provide loans to students to pursue IT education. 2002 -UBI ties up with New India Insurance Company for market and distribute the products of New India Insuranc Co on a commission basis. -The issue of 170cr Tier-II subordinated debt was fully subscribed within two hours of its opening. -UBI has recorded 102% hike in the net profit to Rs. 314cr from Rs.155cr as in the last year. -UBI has brought down interest rates on its housing loans. -UBI introduced a new scheme called 'Union Express Remittance scheme' to provide service to NRI in West Asia. The scheme would reduce the time lag in the receipt of draft by the beneficiary. -UBI has set up Cash Management Services (CMS) in coimbatore. -Union Bank has tied up with two IT companies to develop core banking solutions. -Shares of UBI were listed on sensex, Nifty. -Union Banks specially designed loan product 'Union Rent' for owners of buildings or portion thereof rented out to reputed companies has got good response. -Union Bank of India has launched an emergency cash-on-hand scheme christened as'Union Lifeguard' to cater to the hospitalization needs in Mumbai. -Standard Chartered bank has entered into an 'agency trade services agreement with UBI, according to which all letters of credit issued by UBI to Asian countries would be done through StanChart. 2003 -UBI launches 2 new schemes that is NRI Foreign Currency Loans(NRIFCL) and Domestic Resident Foreign currency accounts for the benefit of NRI and FCNR(B) customers. -UBI has launched today its major IT initiative, the Core Banking Solution(CBS), for Anywhere Banking interconnecting its 12 branches across centres. -Union Bank has signed an agreement with Corporation Bank to share its Cash Management System infrastructure. -UBI implemented Quality Management System in 64 branches and 3 extension counters and obtained ISO-9001 certification. -Union Bank ties up with more banks for the sharing of ATM network. -UBI has launched Union BillPay, a convenient utility bill payment service for its customers in association will Billdesk. -Tata Consultancy Services, jointly with PeopleSoft Solutions is to implement an end-to-end integrated HRMS and payroll solution for UBI. -Towards its expansion, Union Bank has signed a contract with 2 more exchange companies, one each with UAE Exchange Centre and Al Muzaini Exchange Company in the middle east. -UBI with other five PSB's launched Cashtree, a network to interconnect all their countrywide ATM's at Bangalore. -Union Bank has forged with an alliance with Maruti Udyog Ltd and Ford India Ltd for providing loans to their customers at competitive and plans to expand its business in retail services. -UBI has tied up with Jain Irrigation Systems Ltd to offer crop finance schemes to farmers. -Central Government has appointed Mr. Suresh Vishnupant Dange, special Assistant, Union Bank of India. -UBI's Chairman and Managing Director has been appointed as Chaiman of India Bank Association. -Union Bank launches new schemes and hike interest rates on non-resident indian deposits. -Raises Rs.250 crores towards Tier II Capital -Opens representative offices at Dubai (UAE) & Doha (Qatar) -Union Bank of India & Ford India tie-up for financing ford cars -Moodys Investor Services has upgraded the rating of Union Bank to D- from E . -UBI joins hands with Eicher, L&T for farm financing -UBI launches unqiue Housing Loan Scheme for IB staff 2004 -Union Bank of India Launches Union Suraksha - Easy Life Cover -Union Bank ties up with HDFC Standard Life to provide bank depositors an insurance cover under group policy with a target to bring in 50,000 customers under risk cover -Union Bank of India has informed that the Central Government has nominated Shri A N Rao, Chief General Manager, Dept of Exp & Budgetary Control, Reserve Bank of India, Mumbai as a Director of Union Bank of India with effect from January 09, 2004 and until further orders vice Shri P Saran, RBI nominee Director on the Board of the Bank. -Union Bank of India has entered into a bancassurance tie-up with the Export Credit Guarantee Corporation Ltd (ECGC) for marketing the latter's export credit insurance products -Union Bank Of India has informed that the Bank's Juhu Tara Road Branch has bagged the 'Best Branch Award for Technosavvy & Customer Friendly' awarded by the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. -Union Bank Of India has informed that the Bank has on April 07, 2004, inked an agreement with SBI Life Insurance Co. Ltd. to make available to the Bank's Home Loan borrowers' life insurance cover on group basis. -TVS Motor Company and Union Bank of India (UBI) have announced the launch of `Union Miles Scheme,' an exclusive two-wheeler finance scheme - Union Bank of India (UBI) has signed an agreement at Kochi, to facilitate international money transfer services using UAE Exchange Company's `Xpress Money' on April 28, 2004. -Union Bank of India has launched Union e-Remit, powered by TimesofMoney -UBI ties up with Reliance MF to sell its products -Union Bank of India in association with SBI Life Insurance has launched its new product, Union Home Plus -The Union Bank of India and the TVS company have tied up to provide finance for purchase of 3,000 motor-cycles in the coastal districts during the current financial year -The Union Bank Of India has launched a new scheme `Union Home Plus' for the benefit of housing loan borrowers -Union Bank of India inaugurated its retail finance boutique at Ghatkopar (East) in Mumbai -Union Bank of India has tied up with SBI Life to provide a group life insurance scheme for housing loan borrowers in Andhra Pradesh called 'Union Home Plus' -Union Bank of India has launched a life insurance linked recurring deposit (RD) scheme in association with the Life Insurance Corporation of India. -Union Bank of India introduced six new products, including an insured recurring deposit scheme in association with Life Insurance Corporation, as part of its strategy to become a "one-stop shop" -UTI Mutual Fund (UTI MF) and Union Bank of India announced a strategic tie up for distribution of UTI MF Schemes -Union Bank of India has signed a memorandum of understanding for a tractor financing arrangement with Indo Farm Tractors & Motors Ltd and L&T - John Deere Pvt. Ltd on all India basis. Indo Farm Tractors & Motors Ltd has agreed to offer discount of Rs 6,000 for tractors up to 45 H.P. and Rs 6,500 for tractors above 45 H.P. L&T - John Deere Pvt. Ltd has offered discount of Rs 4,000 -UBI launches new 'insurance recurring deposit' scheme -UBI forges alliance with Netafim Irrigation Pvt Ltd 2005 - Principal PNB Asset Management Company ties up with Union Bank of India for distribution of their mutual fund schemes. -Union Bank's tie-up for Boosting Agriculture Lending -Union Bank unveils new scheme to promote milk production -UBI opens retail mart in Pune -Union Bank's Launch of On-Line Trading Services -Union Bank of India launches new agri-clinic scheme 2006 -Dena Bank and Union Bank of India have tied up with Small Farmers Agri-business Consortium (SFAC) to facilitate growth of agri business. -Union Bank ties up with LIC to unveil group insurance. - Union Bank of India has nominated Smt. Rani Satish as part-time non-official Director on the Board of the Bank for a period of three years from the date of notification i.e. January 02 ,2007 or until her successor is nominated or until further orders, whichever is the earliest. -Union Bank inks agreement with DGFT -Union Bank joins hand with NBHC -Union Bank launches sale of gold coins 2007 - Union Bank of India has informed 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, 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, have appointed Shri. T Y Prabhu, General Manager, Canara Bank, as Executive Director of the Bank, from the date of his taking charge of the post and until further orders or till the date of his superannuation i.e. up to December 31, 2010, whichever is earlier. -Union Bank sets up retail asset branch at Madurai 2008 - Union Bank of India has informed 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, have nominated Shri. Ashok Singh as part-time non-official Director on the Board of the Bank for a period of three years from the date of notification i.e. February 19, 2008 or until further orders, whichever is earlier. -Union Bank Of India had informed regarding appointment of Smt. Monika Kalia as Company Secretary of the Bank. The Bank has now informed that Smt. Monika Kalia is designated as Compliance Officer of the Bank. Her Contact number is 22896650 and E-mail id is monikakalia@unionbankofindia.com. -Union Bank of India has rolled out two prepaid cards- Gift Card and Payroll Card. Both the cards are issued in denomination of Rs 500 to Rs 50,000 and are Visa-enabled. Gift Cards are issued in convenient denomination of Rs 500 to Rs 50,000. -Union Bank launches wealth management services - Union Bank of India has informed that the Central Government, in exercise of the powers conferred by clause (e) of sub-section 3 of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, read with sub-clause (2) (a) of clause 9 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, has appointed Shri. N Shankar as Workmen Director on the Board of Union Bank of India in place of Shri. Suresh Vishnupant Dange, for a period of three years from the date of notification i.e. September 15, 2008 or until further orders, whichever is earlier. 2009 - 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 - 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 earlierShri. 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". 2018 -Public sector lender Union Bank of India has sold its entire 10 per cent stake in Experian Credit Information Company for an undisclosed amount. 2019 -Special Jury award 2020 -The Union Bank of India has expanded the insurance distribution channels after the amalgamation of Andhra Bank and Corporation Bank with it with effect from April 1, 2020. -Banking Technology Award 2020 -Runner up in `Modern Technologies led innovation' -GOLD (Under MSME Category) -Winner in Best MSME Bank (Public Sector Bank) 2021 -The bank's board of directors approved capital plan of the bank to raise capital funds up to Rs 9,700 crore. 2022 - Union Bank of India launches Union Prerna 2.0 - EmpowerHim. -Union Bank of India has informed the Exchange about Acquisition of 99000 Equity shares of Rs. 10 each in the Equity of India Debt Resolution Company Limited 2023 -Union Bank of India secures 1st Rank in EASE reforms Disability Positive Awards 2023 in the category Best Organization for PWD Inclusion.