United Bank of India
One of India’s main commercial banks that are government-owned is the United Bank of India. The bank consists of 1443 branches that are spread all over the major cities in India and 28 regional offices with the head office in Kolkata.
Due to its initials UBI, which would be confused for Union Bank of India, the public sometimes has a difficult time differentiating the two since they both have an all-Indian presence.
The eastern Indian states had the most concentration of the bank Branches.
The government of India decided to the restructuring a go a head in March of 2009, and a two and a half billion rupees was proposed by the government to invest in shares. This is a plan to increase the capital base of banks that are owned by the state through the Indian government program.
The Comilla Banking Corporation that was started in 1914 by Narendra Chandra Datta, the Bengal Central Bank that was started in 1918 by Sri J. C Das, Comilla Union Bank that was started in 1922 by Sri L.B Dutta and the Hooghly Bank that was started in 1932 by Sri D. N Mukherjee all merged in 1950 in order to form the United Bank of India.
• Tezpur Industrial Bank and Cuttack bank were merged by UBI in 1961.
• The India government nationalized 13 major commercial banks in along with UBI. At this time, UBI only had 174 branches.
• Mercantile bank is acquired by UBI in 1973.
• Narang Bank is was acquired by UBI in 1976
Promoting rural banking has been a key role that has been played by the UBI, by formation of 4 regional rural banks and supporting them financially. The regional rural banks are located in Manipur, Tripura, Assam and West Bengal. Along with this, the area of West Bengal prides in mobile banking service that was introduced by UBI. The brick and mortar branches later replaced the floating mobile branches.
‘Tea Bank was a common word in the Indian trade circles that were used to refer to the United Bank of India, following the contribution to the Indian tea industry by the bank and hence the nickname arose. The tea industry is the biggest industry that UBI lends money through out the country.
Modern Banking Practices Offered By The Bank
Implementation of the Electronic Fund Transfer System is some of the modern banking practices that the United Bank of India employs in its organization. The bank is supplemented by many ATM networks that operate 24 hours a day
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