UNION BANK OF INDIA IFSC Code

Union Bank of India is one of the largest public sector banks in India, with a rich history spanning over a century. Established in 1919, the bank has grown to become a major financial institution with over 8,700 branches across India. Union Bank is known for its customer-centric approach and commitment to serving all sections of society, from urban professionals to rural farmers.

Historical Background

Union Bank of India was registered on November 11, 1919, in Mumbai by Seth Sitaram Poddar. The bank was inaugurated by Mahatma Gandhi on November 11, 1919, making it a symbol of India's aspirations for economic self-reliance. The founding capital was ₹50,000, and the bank started operations with a focus on serving Indian businesses and individuals.

The bank was nationalized in 1969 as part of the Indian government's initiative to extend banking services to the masses. In 2020, Union Bank of India merged with Andhra Bank and Corporation Bank, creating the fifth-largest public sector bank in India. This merger significantly expanded the bank's network and strengthened its position in the banking industry.

Banking Products and Services

Union Bank offers a comprehensive range of banking products for individuals and businesses. Personal banking services include various savings accounts, fixed deposits, recurring deposits, and special schemes for different customer segments. The bank's Union Miles savings account offers premium features for urban customers, while Union Pragati accounts cater to rural populations.

Loan products include home loans, car loans, personal loans, education loans, and gold loans with competitive interest rates. Union Bank is a significant player in the home loan segment, offering attractive rates under various schemes. The bank also provides agricultural loans and supports farmers through Kisan Credit Cards and other credit facilities.

Digital Banking Platform

Union Bank's digital banking is powered by the 'U-Mobile' app and 'VyomNet' internet banking platform. The mobile app offers comprehensive banking services including account management, fund transfers, bill payments, and loan applications. The app supports UPI payments, NEFT, IMPS, and RTGS transfers.

The bank has embraced digital transformation with initiatives like video-based customer identification, instant account opening, and AI-powered chatbots for customer service. Union Bank continues to invest in technology to provide seamless banking experiences.

Agricultural and Rural Banking

Union Bank has a strong focus on agricultural lending, supporting farmers across India. The bank provides crop loans, farm mechanization loans, irrigation loans, and allied agriculture loans. The bank's Kisan Credit Card scheme provides farmers with timely credit for their agricultural needs.

The bank operates numerous rural branches and uses Business Correspondents to extend banking services to remote areas. Union Bank is committed to supporting agricultural development and rural prosperity.

MSME Banking

Union Bank supports the MSME sector with various loan products including working capital loans, term loans, and credit under government schemes. The bank has dedicated MSME branches and specialized teams to support small business growth. Union Bank's MSME lending under Mudra and Stand Up India schemes has helped thousands of entrepreneurs start and grow their businesses.

Corporate Banking

Corporate banking services include project finance, working capital finance, trade finance, and treasury services. The bank supports large industrial projects, infrastructure development, and capital investments. Union Bank's corporate banking division provides customized solutions for large enterprises.

Financial Inclusion

Union Bank actively participates in financial inclusion initiatives and implements government welfare schemes. The bank has opened millions of Jan Dhan accounts and provides banking services in underserved areas through its branch network and Business Correspondents.

International Operations

Union Bank has an international presence with branches in Hong Kong, Dubai, Shanghai, and Sydney. The bank provides remittance services and supports trade finance for businesses engaged in international commerce.

Awards and Recognition

Union Bank has received numerous awards for banking excellence, digital innovation, and financial inclusion. The bank has been recognized for its customer service, MSME lending, and implementation of government schemes.