United Bank of India
United Bank of India – यूनाइटेड बैंक ऑफ इंडिया People sometimes gets confused about UBI. We have heard this question many times that United Bank of India is govt or private bank. Well, UBI or United Bank of India comes under the Government of India. It listed in the Nationalized Banks in India. Its headquarters is available in Kolkata. Right now we can see an organizational setup of three-tier which includes headquarter, 2054 branches and 36 different regional offices which are available all over India. In Eastern India, we can find the significant presence of this bank. Three full-fledged branches of this bank are open in overseas as well as in New Delhi, Kolkata, and Mumbai. Now it’s focusing on expanding different international activities.
In the year 2009 on 30th March, the Government of India approved the United Bank’s restructuring. For this restructuring, the Government of India has already thought to spend 2.5 billion rupees in shares. Along with that, the Government has proposed to invest 5.50 billion rupees more in capital instruments (Tier-I). The primary aim of the Government of India is to improve different state-owned banks’ capital base.
United Bank or UBI has already received SEBI’s approval. This approval is for the equity issue, and the amount is Rs 1,000 crore. Now, people can easily identify this bank through the United Bank of India logo.
The history of UBI
In the year 1950, United Bank of India came into existence after merging four banks which include Comilla Banking Corporation, Comilla Union Bank, Hoogly Bank, and Bengal Central Bank. Nath Bank faced tremendous failure in the year 1950. As a result, these four banks were also suffering. At that time, Reserve Bank of India or RBI suggested these banks that merging is the only option to survive. Then only they can form a new bank. In this way, the United Bank of India came into existence.
In the year 1961, this bank got merged with Tezpur Industrial Bank and Cuttack Bank as well. Later on, in the year 1965, the Pakistan Government took the full authority of these banks. Now, these banks are in Pakistan.
The nationalization of UBI, as well as 13 other banks, happened in the year 1969, on 19th July. Later on, United Bank of India took charge of Hindustan Mercantile Bank, and Narang Bank of India as well. You can check the United Bank of India Wiki for information.