Union Bank of India celebrates 101st Foundation Day

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Mumbai | 12th November, 2019: Union Bank of India, one of the most trusted Public-Sector Banks in the country, celebrated its 101st Foundation Day on 11th November 2019, at The National Centre for Performing Arts (NCPA), Mumbai. Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur  was present as Chief Guest to commemorate such a significant milestone that marks more than a century of providing impeccable Banking services to millions of Customers across the country. Also present on the occasion was Rajiv Kumar, Finance Secretary, Government of India. The evening concluded with an awe-inspiring musical performance by renowned singer-composer Shankar Mahadevan.

Established in the year 1919, and having its first head office inaugurated by the Father of Nation, Mahatma Gandhi, Union Bank of India has played a highly instrumental role in shaping the banking landscape of pre and post-independence India, and it continues to drive the country’s economic growth. Throughout the hundred years of its operations, Union Bank of India has extended credit across a vast array of industries and sectors such as exports, agriculture, trading, infrastructure and other specific business categories. Bank’s operations are spread across 4285 Branches pan-India, with a client base of over 70 Million Customers.

Speaking on the momentous occasion, Anurag Singh Thakur, Union Minister of State for Finance and Corporate Affairs said, “I extend my heartfelt congratulations to Union Bank of India upon completing 100 glorious years of service. In the current landscape, with constant innovation and technological advancements, the need for systematic, efficient and transparent banking operations have become the need of the hour.  Union Bank of India has set a benchmark in this regard. Going forward, the Bank’s tech-driven, customer-oriented vision will be a crucial element towards further strengthening its position as one of the most preferred Banks.”

Rajiv Kumar, Finance Secretary, Government of India, said “It is an historic event for Union Bank of India and I take this opportunity to wish them well and achieve further glorious heights in times to come. Union Bank of India has been in the forefront in introducing various new products for the benefit of the Customers as also it is now on a enlarged vision of attaining top position in the Banking Industry.”

Elaborating on the key factors that have enabled Union Bank of India to remain such a longstanding player in the Banking ecosphere, Rajkiran Rai G., Managing Director & CEO, Union Bank of India said, Union Bank is proud to have nurtured dreams of generations of entrepreneurs, businesses, farmers, students, women, aspirational neo middle class and weaker sections of society. Through our hundred year journey, the Bank has been making meaningful contributions towards social upliftment, community service and serving the national priorities. Union Bank is well positioned to be the Most Preferred Bank of New India.  This milestone is a testament to our tireless efforts of proactively adopting new innovations, while keeping our core beliefs intact.”

The Banking system in India has witnessed several developments in recent times, resulting in a paradigm shift – from being largely standardized in operations and procedures, to now offering a personalized, and customer-centric user experience, enabled by cutting edge technology. It’s constant innovation to make products and services more flexible, engaging and convenient are all centered on creating a superior Customer experience. Through this multi-faceted, customer-first approach, Union Bank of India continues to build on its rich legacy, while helping to re-imagine the future of Banking in India.

Union Bank of India launched following three products to commemorate the occasion:

  1. Union Sampurna – for doubling farmers’ income, a comprehensive technology oriented ecosystem for overall development of Rural & Semi-urban area and provide one stop solution for farm sector.
  2. E-Way Bills – Invoice validation service, an important pillar of GST regime. Digital system ensures quality underwriting, speedier disbursements and overall ease of doing business in country.
  3. ATM GEO LOCATOR within its mobile banking app, UMobile, which provides real time status of its ATMs . UMobile user can locate active ATMs within three different distance range, (0-3km), (3-5km) and (5-10km).