Union Bank of India

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
 
 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.
 
 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.