Union Bank of India – SWIFT codes in India
Union Bank of India – SWIFT codes in India
Union Bank of India is one of the leading public sector banks in India, with a rich history spanning over a century. Established in 1919, the bank has played a significant role in the country’s financial landscape, offering a wide range of products and services to cater to the diverse needs of its customers. In this article, we’ll take a closer look at Union Bank of India, its offerings, network, financial performance, and future outlook.
UNION BANK OF INDIA – SWIFT Code
| SWIFT CODE | UBININBB |
| BANK | UNION BANK OF INDIA |
| ADDRESS | FLOOR 5 UNION BANK BHAVAN 239 VIDHAN BHAVAN MARG NARIMAN POINT |
| CITY | MUMBAI |
| BRANCH | |
| POSTCODE | 400025 |
| COUNTRY | India |
History and Establishment
Union Bank of India was founded on November 11, 1919, in Mumbai, with the primary objective of serving the financial needs of the common man. The bank was nationalized in 1969, along with 13 other major commercial banks in India, as part of the government’s efforts to bring banking services to the masses. Since then, Union Bank of India has grown exponentially, expanding its presence across the country and abroad.
Products and Services
Personal Banking
Union Bank of India offers a comprehensive suite of personal banking products and services, designed to cater to the diverse financial needs of individuals. Some of the key offerings include:
- Savings Accounts: The bank provides a variety of savings account options, such as Regular Savings Account, Salary Savings Account, and Junior Savings Account, each with unique features and benefits.
- Current Accounts: Customers can choose from different current account variants, including Regular Current Account, Premium Current Account, and Privilege Current Account, based on their business requirements.
- Fixed Deposits: Union Bank of India offers attractive interest rates on fixed deposits, with flexible tenures ranging from 7 days to 10 years.
- Loans: The bank provides a wide range of loan products, such as Home Loans, Personal Loans, Car Loans, and Education Loans, to help customers fulfill their financial goals.
Corporate Banking
Union Bank of India also caters to the financial needs of businesses and corporate entities, offering a range of products and services, including:
- Working Capital Finance: The bank provides various working capital financing options, such as Cash Credit, Overdraft, and Bill Discounting, to help businesses meet their short-term financial requirements.
- Term Loans: Union Bank of India offers term loans for capital expenditure, business expansion, and other long-term financing needs.
- Trade Finance: The bank provides a wide range of trade finance solutions, including Letter of Credit, Bank Guarantee, and Export Credit, to facilitate international trade.
- Cash Management Services: Union Bank of India offers efficient cash management services, such as Collection and Payment Solutions, Liquidity Management, and Reconciliation Services, to help businesses optimize their cash flows.
Digital Banking
In keeping with the evolving digital landscape, Union Bank of India has embraced technology to offer a seamless banking experience to its customers. Some of the key digital banking services include:
- Internet Banking: Customers can access their accounts, transfer funds, pay bills, and perform various other banking transactions through the bank’s secure internet banking platform.
- Mobile Banking: Union Bank of India’s mobile banking app allows customers to conduct banking transactions on the go, using their smartphones or tablets.
- UPI Payments: The bank has integrated with the Unified Payments Interface (UPI) to facilitate instant, round-the-clock fund transfers using virtual payment addresses.
- BHIM App: Union Bank of India is one of the participating banks in the BHIM (Bharat Interface for Money) app, which enables customers to make digital payments using their mobile numbers or virtual payment addresses.
Network and Reach
Domestic Presence
Union Bank of India has a strong domestic presence, with a network of over 9,500 branches spread across the country. The bank also has an extensive ATM network, with more than 13,500 ATMs, providing customers with easy access to cash and other banking services.
International Presence
Union Bank of India has a significant international presence, with branches in Hong Kong, Dubai, and Antwerp, as well as representative offices in Abu Dhabi, Beijing, and Shanghai. The bank’s overseas presence enables it to cater to the banking needs of Indian expatriates and facilitate international trade and investments.
Financial Performance
Key Financial Indicators
Union Bank of India has demonstrated a consistent financial performance over the years. As of March 31, 2021, the bank’s total business (deposits + advances) stood at Rs. 15.45 lakh crore, while its net profit for the financial year 2020-21 was Rs. 2,906 crore. The bank has maintained a healthy asset quality, with a Gross NPA ratio of 13.74% and a Net NPA ratio of 4.62% as of March 31, 2021.
Ratings and Recognition
Union Bank of India has been recognized for its performance and contribution to the banking sector. The bank has received several awards and accolades, including the “Best Public Sector Bank” award at the Dun & Bradstreet Banking Awards 2021 and the “Best MSME Bank” award at the Dun & Bradstreet BFSI Awards 2021.
Corporate Social Responsibility
Union Bank of India is committed to giving back to society and has undertaken various initiatives under its Corporate Social Responsibility (CSR) program. Some of the key focus areas include:
Education Initiatives
The bank has been supporting education initiatives, such as providing scholarships to meritorious students, setting up computer labs in schools, and organizing financial literacy camps.
Healthcare Projects
Union Bank of India has been contributing to healthcare projects, such as setting up health camps, providing medical equipment to hospitals, and supporting the construction of healthcare facilities in rural areas.
Environmental Conservation
The bank has been promoting environmental conservation through initiatives such as tree plantation drives, installation of solar power systems, and support for clean energy projects.
Future Outlook
Digital Transformation
Union Bank of India is focused on leveraging technology to enhance customer experience and streamline its operations. The bank has been investing in digital initiatives, such as blockchain technology, artificial intelligence, and machine learning, to stay ahead of the curve in the rapidly evolving digital landscape.
Expansion Plans
The bank has ambitious expansion plans, aiming to increase its presence both domestically and internationally. Union Bank of India is also focusing on strengthening its MSME and retail lending portfolios to drive future growth.
Conclusion
Union Bank of India has a strong legacy of over a century, during which it has emerged as one of the leading public sector banks in India. With its wide range of products and services, extensive network, robust financial performance, and commitment to social responsibility, the bank is well-positioned to continue its growth trajectory in the years to come. As Union Bank of India embarks on its digital transformation journey and expansion plans, it remains committed to providing the highest level of customer satisfaction and contributing to the nation’s economic growth.
FAQs
How can I open a savings account with Union Bank of India?
To open a savings account with Union Bank of India, follow these steps:
- Visit your nearest Union Bank of India branch
- Collect the account opening form and fill in the required details
- Submit the completed form along with necessary documents, such as identity proof, address proof, and photographs
- Make an initial deposit as per the minimum balance requirement
- Your savings account will be activated once the bank verifies your documents and processes your application
2. What are the different types of loans offered by Union Bank of India?
Union Bank of India offers a wide range of loan products, including:
- Home Loans
- Personal Loans
- Car Loans
- Education Loans
- Gold Loans
- Loan Against Property
- Mortgage Loans
- Overdraft Facility
- Agriculture Loans
- MSME Loans
3. How can I register for internet banking with Union Bank of India?
To register for internet banking with Union Bank of India, follow these steps:
- Visit the Union Bank of India website (www.unionbankofindia.co.in)
- Click on the “Online Services” tab and select “Internet Banking”
- Click on the “New User Registration” link
- Select your account type and enter your account details, such as account number and customer ID
- Set your login credentials and password
- Your internet banking registration will be processed, and you will receive a confirmation email once activated
4. What is the procedure for applying for a fixed deposit with Union Bank of India?
To apply for a fixed deposit with Union Bank of India, follow these steps:
- Visit your nearest Union Bank of India branch
- Collect the fixed deposit application form and fill in the required details
- Choose the deposit amount, tenure, and interest payout frequency
- Submit the completed form along with necessary documents, such as identity proof and address proof
- Make the deposit amount through cash, cheque, or fund transfer
- Your fixed deposit will be created, and you will receive a fixed deposit receipt
5. How can I locate the nearest Union Bank of India ATM or branch?
To locate the nearest Union Bank of India ATM or branch, you can:
- Visit the Union Bank of India website (www.unionbankofindia.co.in)
- Click on the “Locate Us” tab
- Select “ATM” or “Branch” as per your requirement
- Enter your city, state, or PIN code
- The website will display a list of nearby ATMs or branches along with their addresses and contact details
Alternatively, you can also use the Union Bank of India mobile banking app, which has a built-in ATM/branch locator feature.
