UNION BANK OF INDIA

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE MASTER OF BUSINESSADMINSTRATION,

SUBMITTED TO SUBMITTED BY
Chief Manager (P) gupta Regional office, New Delhi Madhavi

DECLARATION

I Madhavi gupta , a student of MBA 3rd Semester of Kamrah Institute Of Information Technology, Gurgaon hereby declare that the research project report titled BANKING INDUSTRY & UNION BANK OF INDIA is my original work and the same has not been submitted for the award of any other diploma or degree.

Place: Gurgaon
Madhavi gupta

Date:

ACKNOWLEDGEMENT
A project is never the sole product of a person whose name has appeared on the cover. Even the best effort may not prove successful without proper guidance. For a good project one needs proper time, energy, efforts, patience, and knowledge. But without any guidance it remains unsuccessful. I have done this project with the best of my ability and hope that it will serve its purpose. To be or not to be is not anything which matters, how to be thankful is what really matters It was really a great learning experience and I am really thankful to my faculties, who not only helped me in the successful completion of this report but also spread his precious and valuable time in expanding my knowledge base. I wish to acknowledge my gratitude towards IIMT Management College, my friends and all those persons who are responsible for the successful completion of this project.

(Madhavi gupta)

CONTENT
UNION BANK OF INDIA.......................................................................................1 CONTENT........................................................................................4 TYPES OF BANKS..................................................................................................10 Nationalization.....................................................................................................20 Liberalization....................................................................................................... 21 E- Banking............................................................................................................25 CURRENT TRENDS OF BANKING IN INDIA.............................................................27 FUTURE OF BANKING INDUSTRY IN INDIA ............................................................................................................................ 32 INTRODUCTION....................................................................................................35 HISTORY............................................................................................................... 35 VISSION................................................................................................................ 38 CORPORATE MISSION...........................................................................................39 BOARD OF DIRECTORS........................................................................................39 FINANCIAL STATEMENT AS ON YEAR ENDED 2011..........................................41 BALANCE SHEET..............................................................................................42 Accounts and deposits......................................................................................43 RETAIL LOANS...................................................................................................51 CARDS.............................................................................................................. 56 INSURANCE.......................................................................................................59 DEMAT.............................................................................................................. 62 PAYMENT.......................................................................................................... 62 4

REMITTANCE.....................................................................................................62 LOAN & SERVICES.............................................................................................62 SAVINGS & DEPOSITS.......................................................................................62 CMS...................................................................................................................... 62 E-TAX................................................................................................................... 62 INSURANCE.......................................................................................................... 62 NON LIFE INSURANCE..........................................................................................62 ECGC CREDIT INSURANCE PRODUCT...................................................................62 MSME OVERVIEW.................................................................................................62 MSME CREDIT...................................................................................................... 62 MSME SCHEMES...................................................................................................62

BANKING

While walking in the streets of any town or city you might have seen some signboards on buildings with names- Canara Bank, Punjab National Bank, State Bank of India, United Commercial Bank, etc. If we enter any such building we will find some kind of a business office. You will see some employees sitting behind counters dealing with visitors standing in front of them. We will find that some are depositing money at one counter while some are receiving money at another counter. Behind the counters in the office you will see tables and chairs occupied by officers. On one side of the office you will also see a chamber (small partitioned room) where the manager is sitting with papers on his table. This is the office of a Bank. We know people earn money to meet their day-to-day expenses on food, clothing, education of children, housing, etc. They also need money to meet future expenses on marriage, higher education of children, house building and other social functions. These are heavy expenses, which can be met if some money is saved out of the present income. Saving of money is also necessary for old age and ill health when it may not be possible for people to work and earn their living. The necessity
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of saving money was felt by people even in olden days. They used to hoard money in their homes. With this practice, savings were available for use whenever needed, but it also involved the risk of loss by theft, robbery and other accidents. Thus, people were in need of a place where money could be saved safely and would be available when required. Banks are such places where people can deposit their savings with the assurance that they will be able to withdraw money from the deposits whenever required. People who wish to borrow money for business and other purposes can also get loans from the banks at reasonable rate of interest.

Bank is a lawful organisation, which accepts deposits that can be withdrawn on demand. It also lends money to individuals and business houses that need it.
Banks also render many other useful services like collection of bills, payment of foreign bills, safe-keeping of jewellery and other valuable items, certifying the credit-worthiness of business, and so on. Banks accept deposits from the general public as well as from the business community. Any one who saves money for future can deposit his savings in a bank. Businessmen have income from sales out of which they have to make payment for expenses. They can keep their earnings from sales safely

deposited in banks to meet their expenses from time to time. Banks give two assurances to the depositors a. Safety of deposit, and b. Withdrawal of deposit, whenever needed On deposits, banks give interest, which adds to the original amount of deposit. It is a great incentive to the depositor. It promotes saving habits among the public. On the basis of deposits banks also grant loans and advances to farmers, traders and businessmen for productive purposes. Thereby banks contribute to the economic development of the country and wellbeing of the people in general. Banks also charge interest on loans. The rate of interest is generally higher than the rate of interest allowed on deposits. Banks also charge fees for the various other services , which they render to the business community and public in general. Interest received on loans and fees charged for services which exceed the interest allowed on deposits are the main sources of income for banks from which they meet their administrative expenses. The activities carried on by banks are called banking activity. Banking as an activity involves acceptance of deposits and lending or investment of money. It facilitates business activities by providing money and certain services that help in exchange of goods and services. Therefore, banking is an important auxiliary to trade. It not only provides money for the production of goods and services but also facilitates their exchange between the buyer and seller. You may be aware that there are laws which regulate the banking activities in our country.
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Depositing money in banks and borrowing from banks are legal transactions. Banks are also under the control of government. Hence they enjoy the trust and confidence of people. Also banks depend a great deal on public confidence. Without public confidence banks cannot survive.

ROLE OF BANKING Banks provide funds for business as well as personal needs of individuals. They play a significant role in the economy of a nation. Let us know about the role of banking. It encourages savings habit amongst people and thereby makes funds available for productive use. It acts as an intermediary between people having surplus money and those requiring money for various business activities.

It facilitates business transactions through receipts and payments by cheques instead of currency.

It provides loans and advances to businessmen for short term and long-term purposes.
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 It also facilitates import export transactions. It helps in national development by providing credit to farmers, small-scale industries and self-employed people as well as to large business houses which lead to balanced economic development in the country. It helps in raising the standard of living of people in general by providing loans for purchase of consumer durable goods, houses, automobiles, etc.

TYPES OF BANKS There are various types of banks which operate in our country to meet the financial requirements of different categories of people engaged in agriculture, business, profession, etc. On the basis of functions, the banking institutions in India may be divided into the following types:

Types of Banks

Central bank

Developme nt banks Commercial bank s

Specialised Banks (EXIM Bank SIDBI, NABARD) Co-operative Banks

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 Public sector banks Private sector banks Foreign banks Central Cooperative Banks State Co-operative Banks Primary Credit Societies

a) Central Bank A bank which is entrusted with the functions of guiding and regulating the banking system of a country is known as its Central bank. Such a bank does not deal with the general public. It acts essentially as Governments banker, maintain deposit accounts of all other banks and advances money to other banks, when needed. The Central Bank provides guidance to other banks whenever they face any problem. It is therefore

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known as the bankers bank. The Reserve Bank of India is the central bank of our country. The Central Bank maintains record of Government revenue and expenditure under various heads. It also advises the Government on monetary and credit policies and decides on the interest rates for bank deposits and bank loans. In addition, foreign exchange rates are also determined by the central bank. Another important function of the Central Bank is the issuance of currency notes, regulating their circulation in the country by different methods. No other bank than the Central Bank can issue currency.

b) Commercial Banks Commercial Banks are banking institutions that accept deposits and grant short-term loans and advances to their customers. In addition to giving short-term loans, commercial banks also give medium-term and long-term loan to business enterprises. Nowa-days some of the commercial banks are also providing housing loan on a long-term basis to individuals. There are also many other functions of commercial banks, which are discussed later in this lesson. Types of Commercial banks: Commercial banks are of three types i.e., Public sector banks, Private sector banks and Foreign banks. (i) Public Sector Banks: These are banks where majority stake is held by the Government of India or Reserve Bank of
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India. Examples of public sector banks are: State Bank of India,Corporation Bank, Bank of Boroda and Dena Bank, etc. (ii) Private Sectors Banks: In case of private sector banks majority of share capital of the bank is held by private individuals. These banks are registered as companies with limited liability. For example: The Jammu and Kashmir Bank Ltd., Bank of Rajasthan Ltd., Development Credit Bank Ltd, Lord Krishna Bank Ltd., Bharat Overseas Bank Ltd., Global Trust Bank, Vysya Bank, etc. (iii) Foreign Banks: These banks are registered and have their headquarters in a foreign country but operate their branches in our country. Some of the foreign banks operating in our country are Hong Kong and Shanghai Banking Corporation (HSBC), Citibank, American Express Bank, Standard & Chartered Bank, Grindlays Bank, etc. The number of foreign banks operating in our country has increased since the financial sector reforms of 1991. c) Development Banks Business often requires medium and long-term capital for purchase of machinery and equipment,for using latest technology, or for expansion and modernization. Such financial assistance is provided by Development Banks. They also undertake other development measures like Public Sector Banks comprise nationalised banks and State Bank of India and its 7 associate banks. subscribing to the shares and debentures issued by companies, in case of under subscription of the issue by the public.
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Industrial Finance Corporation of India (IFCI) and State Financial Corporations (SFCs) are examples of development banks in India. d) Co-operative Banks People who come together to jointly serve their common interest often form a co-operative society under the Cooperative Societies Act. When a co-operative society engages itself in banking business it is called a Co-operative Bank. The society has to obtain a licence from the Reserve Bank of India before starting banking business. Any co-operative bank as a society is to function under the overall supervision of the Registrar, Co-operative Societies of the State. As regards banking business, the society must follow the guidelines set and issued by the Reserve Bank of India. Types of Co-operative Banks There are three types of co-operative banks operating in our country. They are primary credit societies, central co-operative banks and state co-operative banks. These banks are organizedat three levels, village or town level, district level and state level. (i) Primary Credit Societies: These are formed at the village or town level with borrower and non-borrower members residing in one locality. The operations of each society are restricted to a small area so that the members know each other and are able to watch over the activities of all members to prevent frauds.

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(ii) Central Co-operative Banks: These banks operate at the district level having some of the primary credit societies belonging to the same district as their members. These banks provide loans to their members (i.e., primary credit societies) and function as a link between the primary credit societies and state co-operative banks. (iii) State Co-operative Banks: These are the apex (highest level) co-operative banks in all the states of the country. They mobilise funds and help in its proper channelization among various sectors. The money reaches the individual borrowers from the state co-operativebanks through the central cooperative banks and the primary credit societies. e) Specialised Banks There are some banks, which cater to the requirements and provide overall support for setting up business in specific areas of activity. EXIM Bank, SIDBI and NABARD are examples of such banks. They engage themselves in some specific area or activity and thus, are called specialised banks. Let us know about them. i. Export Import Bank of India (EXIM Bank): If you want to set up a business for exporting products abroad or importing products from foreign countries for sale in our country, EXIM bank can provide you the required support and assistance. The bank grants loans to exporters and importers and also provides information about the international market. It gives guidance about the opportunities for export or import, the risks involved in it and the competition to be faced, etc.

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ii. Small Industries Development Bank of India (SIDBI): If you want to establish a small-scale business unit or industry, loan on easy terms can be available through SIDBI. It also finances modernisation of small-scale industrial units, use of new technology and market activities. The aim and focus of SIDBI is to promote, finance and develop small-scale industries. iii. National Bank for Agricultural and Rural Development (NABARD): It is a central or apex institution for financing agricultural and rural sectors. If a person is engaged in agriculture or other activities like handloom weaving, fishing, etc. NABARD can provide credit, both short-term and long-term, through regional rural banks. It provides financial assistance, especially, to co-operative credit, in the field of agriculture, small-scale industries, cottage and village industries handicrafts and allied economic activities in rural areas. FUNCTIONS OF COMMERCIAL BANKS The functions of commercial banks are of two types. (A) Primary functions; and (B) Secondary functions. Let us discuss details about these functions. (i) Primary functions The primary functions of a commercial bank include: a) Accepting deposits; and b) Granting loans and advances. a) Accepting deposits

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The most important activity of a commercial bank is to mobilise deposits from the public. People who have surplus income and savings find it convenient to deposit the amounts with banks. Depending upon the nature of deposits, funds deposited with bank also earn interest. Thus, deposits with the bank grow along with the interest earned. If the rate of interest is higher, public are motivated to deposit more funds with the bank. There is also safety of funds deposited with the bank. b) Grant of loans and advances The second important function of a commercial bank is to grant loans and advances. Such loans and advances are given to members of the public and to the business community at a higher rate of interest than allowed by banks on various deposit accounts. The rate of interest charged on loans and advances varies according to the purpose and period of loan and also the mode of repayment. i) Loans A loan is granted for a specific time period. Generally commercial banks provide short-term loans. But term loans, i.e., loans for more than a year may also be granted. The borrower may be given the entire amount in lump sum or in instalments. Loans are generally granted against the security of certain assets. A loan is normally repaid in instalments. However, it may also be repaid in lump sum. ii) Advances

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An advance is a credit facility provided by the bank to its customers. It differs from loan in the sense that loans may be granted for longer period, but advances are normally granted for a short period of time. Further the purpose of granting advances is to meet the day-to-day requirements of business. The rate of interest charged on advances varies from bank to bank. Interest is charged only on the amount withdrawn and not on the sanctioned amount. Types of Advances Banks grant short-term financial assistance by way of cash credit, overdraft and bill discounting. a) Cash Credit Cash credit is an arrangement whereby the bank allows the borrower to draw amount upto a specified limit. The amount is credited to the account of the customer. The customer can withdraw this amount as and when he requires. Interest is charged on the amount actually withdrawn. Cash Credit is granted as per terms and conditions agreed with the customers. b) Overdraft Overdraft is also a credit facility granted by bank. A customer who has a current account with the bank is allowed to withdraw more than the amount of credit balance in his account. It is a temporary arrangement. Overdraft facility with a specified limit may be allowed either on the security of assets, or on personal security, or both. c) Discounting of Bills

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Banks provide short-term finance by discounting bills, that is, making payment of the amount before the due date of the bills after deducting a certain rate of discount. The party gets the funds without waiting for the date of maturity of the bills. In case any bill is dishonoured on the due date, the bank can recover the amount from the customer. ii) Secondary functions In addition to the primary functions of accepting deposits and lending money, banks perform a number of other functions, which are called secondary functions. These are as follow as:a. Issuing letters of credit, travellers cheque, etc. b. Undertaking safe custody of valuables, important document and securities by providing safe deposit vaults or lockers. c. Providing customers with facilities of foreign exchange dealings. d. Transferring money from one account to another; and from one branch to another branch of the bank through cheque, pay order, demand draft. e. Standing guarantee on behalf of its customers, for making payment for purchase of goods, machinery, vehicles etc. f. Collecting and supplying business information. g. Providing reports on the credit worthiness of customers.

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i. Providing consumer finance for individuals by way of loans on easy terms for purchase of consumer durables like televisions, refrigerators, etc. j. Educational loans to students at reasonable rate of interest for higher studies, especially for professional courses. Nationalization Despite the provisions, control and regulations of Reserve Bank of India, banks in India except the State Bank of India or SBI, continued to be owned and operated by private persons. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. At the same time, it had emerged as a large employer, and a debate had ensued about the nationalization of the banking industry. Indira Gandhi, then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled "Stray thoughts on Bank Nationalization." The meeting received the paper with enthusiasm. Thereafter, her move was swift and sudden. The Government of India issued an ordinance and nationalized the 14 largest commercial banks with effect from the midnight of July 19, 1969. Jayaprakash Narayan, a national leader of India, described the step as a "masterstroke of political sagacity." Within two weeks of the issue of the ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of
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Undertaking) Bill, and it received the presidential approval on 9 August 1969. A second dose of nationalization of 6 more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second dose of nationalization, the Government of India controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalized banks and resulted in the reduction of the number of nationalized banks from 20 to 19. After this, until the 1990s, the nationalized banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy.

Liberalization Liberalization process has increasingly exposed Indian Industry to international competition and banking being a service industry is also not an exception. Banking Sector in India too faces same strains and challenges at local, national and international level. Indian Banks, functionally diverse and geographically

widespread, have played a crucial role in the socio-economic progress of the country after independence. However, the growth led to strains in the operational efficiency of banks and

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the accumulation of non-performing assets (NPAs) in their loan portfolios. Banks face increasing pressure to stand out from the crowd. On the Internet, this means offering your target customers an increasingly broader range of services than your competitors and that too in unique way. All this has resulted in a challenge to managers of banks to develop the right mix of acquired and internally grown IT applications which suits customers expectations. Banking sector reforms and liberalisation process raised many challenges effectively: Intense Competition: The RBI and Government of India kept banking industry open for the participants of private sector banks and foreign banks. The foreign banks were also permitted to set up shop on India either as branches or as subsidiaries. Due to this lowered entry barriers many new players have entered the market such as private banks, foreign banks, non-banking finance companies, etc. The foreign banks and new private sector banks have spearheaded the hi-tech revolution. Heavy weight foreign banks with huge base, latest technology banks. For innovative survival and and globally growth tested in products are spreading their wings and wooing away customers form other highly competitive environment banks have to follow the new Guru Mantra of
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before

Indian

Banks

and

for

sustainable

development it has become necessary to face these challenges

prompt

and

efficient

customer

service,

which

calls

for

appropriate customer centric policies and customer friendly procedures. Technological Up gradation: Already electronic transfers, clearings, settlements have reduced translation times. To face competition it is necessary for banks to absorb the technology and upgrade their services. However use of High-Tech sophisticated technology leaves the predominantly rural, poor and even illiterate mans in the lurch to which the level of automation and efficiency of services are immaterial. Privacy and Safety: Among the most important aspects, of savings, i.e., safety liquidity and profitability, safety has to be accorded top most priority. The safety aspect assumes more significance in the emerging scenario as the economic loss caused internationally by these types of crimes might risk area and any lacunae is safety would result in erosion of confidence and the same might possibly paralyse the entire network. The areas among other things, which might endanger security in ebanking can be:

Changes in input data such as changing the amount in ledges, increasing the limits in accounts or face value of cheaques. Though these trends could be detected consequently, prevention is a major problem with these types of crimes. Use of stolen or falsified cards in ATM machines. Computer forgery could be committed by way of gaining access to other account, deliberate damage through
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viruses on data stored in computers. In this case, same criminals might gain entry into the computers and cause damage to the system. This apart, another through which security and privacy are maintained. If a hacker has found out the password, he can cause havoc to the entire network. Also, if the password is stolen money could be transferred from one account to another.

Software privacy is another area of potential danger faced by the banking industry. In this the entire software could be stolen. If this is done, the hackers could operate a parallel network.

Human Resources Management: In the recent past the human resource Policies in banks were mainly guided by the comcept of permanent employment and its necessary concomitants of creating career paths, terminal benfits, etc. for the employees. In todays fast-changing world of employee mobility both horizontally and vertically and value systems, the public sector banks need to hire the right talent at market related compensation and to shed surplus manpower/staff. Thus many banks are going for URS schemes to reduce the burden of excessive staff. Schemes like VRS are going to change the nature of workforce with many senior and experienced persons opting for it. The key elements that shall provide a competitive edge to banking sector will not be physical assets but knowledge assets and information. Therefore, banks must understand how to retain knowledge based employees and prevent them to
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migrating to some other organisation. Banks must believe in people, customer orientation, and continuous improvement of excellence. Therefore it becomes necessary for banks to encourage all employees to take risks and work towards continuous improvements and breakthroughs. Successful banks overcoming the challenges will be those that harness technology in a customer friendly yet cost effective way. This requires enormous internal and external management and the crux of the solution lies in blending human resources with information technology

E- Banking With advancement in information and communication technology, banking services are also made available through computer. Now, in most of the branches you see computers being used to record banking transactions. Information about the balance in your deposit account can be known through computers. In most banks now a days human or manual teller counter is being replaced by the Automated Teller Machine (ATM). Banking activity carried on through computers and other electronic means of communication is called electronic banking or e-banking Automated Teller Machine
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Banks have now installed their own Automated Teller Machine (ATM) throughout the country at convenient locations. By using this, customers can deposit or withdraw money from their own account any time. Debit Card Banks are now providing Debit Cards to their customers having saving or current account in the banks. The customers can use this card for purchasing goods and services at different places in lieu of cash. The amount paid through debit card is automatically debited (deducted) from the customers account. Credit Card Credit cards are issued by the bank to persons who may or may not have an account in the bank. Just like debit cards, credit cards are used to make payments for purchase, so that the individual does not have to carry cash. Banks allow certain credit period to the credit cardholder to make payment of the credit amount. Interest is charged if a cardholder is not able to pay back the credit extended to him within a stipulated period. This interest rate is generally quite high. Net Banking With the extensive use of computer and Internet, banks have now started transactions over Internet. The customer having an account in the bank can log into the banks website and access his bank account. He can make payments for bills, give instructions for money transfers, fixed deposits and collection of bill, etc. Phone Banking

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In case of phone banking, a customer of the bank having an account can get information of his account, make banking transactions like, fixed deposits, money transfers, demand draft, collection and payment of bills, etc. by using telephone. As more and more people are now using mobile phones, phone banking is possible through mobile phones. In mobile phone a customer can receive and send messages (SMS) from and to the bank in addition to all the functions possible through phone banking

CURRENT TRENDS OF BANKING IN INDIA At the beginning of the 21st century, the biggest banks in the industrial world have become complex financial organizations that offer a wide variety of services to international markets and control billions of dollars in cash and assets. Supported by the latest technology, banks are working to identify new business niches, to develop customized services, to implement innovative strategies and to capture new market opportunities. With further globalization, consolidation, deregulation and diversification of the financial industry, the banking sector will become even more complex. Although, the banking industry does not operate in the same manner all over the world, most bankers think about corporate clients in terms of the following:

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Commercial banking - banking that covers services such as cash management (money transfers, payroll services, bank reconcilement), credit services (asset-based financing, lines of credits, commercial loans or commercial real estate loans), deposit services (checking or savings account services) and foreign exchange; Investment banking - banking that covers an array of services from asset securitization, coverage of mergers, acquisitions and corporate restructuring to securities underwriting, equity private placements and placements of debt securities with institutional investors.

Over the past decade there has been an increasing convergence between the activities of investment and commercial banks, because of the deregulation of the financial sector. Today, some investment and commercial banking institutions compete directly in money market operations, private placements, project finance, bonds underwriting and financial advisory work. Furthermore, the modern banking industry has brought greater business diversification. Some banks in the industrialized world are entering into investments, underwriting of securities, portfolio management and the insurance businesses. Taken together, these changes have made banks an even more important entity in the global business community. Today, we are having a fairly well developed banking system with different classes of banks public sector banks, foreign banks, private sector banks both old and new generation,
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regional rural banks and co-operative banks with the Reserve Bank of India as the fountain Head of the system. In the banking field, there has been an unprecedented growth and diversification of banking industry has been so stupendous that it has no parallel in the annals of banking anywhere in the world. During the last 41 years since 1969, tremendous changes have taken place in the banking industry. The banks have shed their traditional functions and have been innovating, improving and coming out with new types of the services to cater to the emerging needs of their customers. Massive branch expansion in the rural and underdeveloped areas, mobilization of savings and diversification of credit facilities to the either to neglected areas like small scale industrial sector, agricultural and other preferred areas like export sector etc. have resulted in the widening and deepening of the financial infrastructure and transferred the fundamental character of class banking into mass banking. There has been considerable innovation and diversification in the business of major commercial banks. Some of them have engaged in the areas of consumer credit, credit cards, merchant banking, leasing, mutual funds etc. A few banks have already set up subsidiaries for merchant banking, leasing and mutual funds and many more are in the process of doing so. Some banks have commenced factoring business.

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The major challenges faced by banks today are as to how to cope with competitive forces and strengthen their balance sheet. Today, banks are groaning with burden of NPAs. It is rightly felt that these contaminated debts, if not recovered, will eat into the very vitals of the banks. Another major anxiety before the banking industry is the high transaction cost of carrying Non Performing Assets in their books. The resolution of the NPA problem requires greater accountability on the part of the corporate, greater disclosure in the case of defaults, an efficient credit information sharing system and an appropriate legal framework pertaining to the banking system so that court procedures can be streamlined and actual recoveries made within an acceptable time frame. The banking industry cannot afford to sustain itself with such high levels of NPAs thus, lend, but lent for a purpose and with a purpose ought to be the slogan for salvation. The Indian banks are subject to tremendous pressures to perform as otherwise their very survival would be at stake. Information technology (IT) plays an important role in the banking sector as it would not only ensure smooth passage of interrelated transactions over the electric medium but will also facilitate complex financial product innovation and product development. The application of IT and e-banking is becoming the order of the day with the banking system heading towards virtual banking. As an extreme case of e-banking World Wide Banking (WWB) on the pattern of World Wide Web (WWW) can be visualized.
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That means all banks would be interlinked and individual bank identity, as far as the customer is concerned, does not exist. There is no need to have large number of physical bank branches, extension counters. There is no need of person-toperson physical interaction or dealings. Customers would be able to do all their banking operations sitting in their offices or homes and operating through internet. This would be the case of banking reaching the customers. Banking landscape is changing very fast. Many new players with different muscle powers will enter the market. The Reserve Bank in its bid to move towards the best international banking practices will further sharpen the prudential norms and strengthen its supervisor mechanism. There will be more transparency and disclosures. In the days to come, banks are expected to play a very useful role in the economic development and the emerging market will provide ample business opportunities to harness. Human Resources Management is assuming to be of greater importance. As banking in India will become more and more knowledge supported, human capital will emerge as the finest assets of the banking system. Ultimately banking is people and not just figures.

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FUTURE OF BANKING INDUSTRY IN INDIA

IBMs strategic research unit, the Institute for Business Value, recently released a study called Banking 2015: Defining the Future of Banking. Worldwide, total financial services revenue is predicted to experience compound annual growth of 7.1 percent between 2000 and 2015, from $2 trillion to $5.6 trillion. In the Asia-Pacific region, IBM predicts a growth rate of about 7.6 percent. The study forecasts trends in banking for a unique insight into the competitive forces that bankers will face in the next 10 years. It highlights the emerging business and technology innovations and societal trends that will propel and shape the industrys transformation. According to the survey, the five key trends that will determine market success in 2015 are customers taking control, niche competitors, a new workforce, regulated transparency and sharp focus on technology. Sanjay Sharma, Corporate Head, Technology, IDBI Bank believes that business, whether banking or otherwise, has to be customer-centric. Agrees Sharad Bishnoi, Assistant Vice-president, Head, Business Process Re-engineering Group, HDFC Bank, Banking services require a high level of customer engagement and
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understanding of the requirements for a quality value proposition. These factors can be sustained long-term by adopting a customer-centric business strategy. Similarly, transparency and accountability from regulation and compliance are also growing. Sharma points out that banks dealing with the US customers need to comply with international regulations such as Sarbanes-Oxley, and the Indian ones from RBI and Clause 49. The survey goes on to predict that market changes will pose growing challenges for conventional banks. Sunny Banerjea, Global Banking Leader for the IBM Institute for Business Value says, By 2015, we will live in an intensely customer-centric market dominated by global mega banks and densely populated by specialist financial services providers. Technology will also drive fundamental changes in workforce disposition, which will have substantial follow-on effects for productivity, efficiency and profitability. These trends are already evident but as they become entrenched, there will be profound changes in the competitive drivers of global banking. Sharma feels that over time banks will focus on specialising in key segments. The survey suggests that banks must identify target business areas. It will be essential to maximise operational efficiency and counter nimble new market entrants by partnering with specialist providers. Keeping with the future trends, the study identifies a number of value-added options for products and market innovation. These
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are mortgages, RFID, service packaging and customer integration. Says Bishnoi, Service packaging and customer integration have started already and I believe will only increase in future. Basic products in banking being limited in number, added flavours and value additions are gradually coming to the forefront. Two of the most critical aspects will be: packaging more customised products to suit a customer need and customer integration leading to better portfolio management at a more granular level. However, Sharma feels that it is the mortgage and RFID segments which are more promising. Though mortgages have operational complexities they are innovative products for customers. For instance, customers can avail of different cashback offers. Similarly, RFID also has great potential to leverage business. Banks can utilise this technology to understand customers needs and for issues such as customer authentication. According to Swarup Choudhury, Director, FSS, IBM, each bank must decide on a strategy that fits its customers needs. Banks will need special strategies to cater to a far more discerning and controlling customer, he says. He predicts, Banking customers will demand more advocacy, personal security and control in their banking relationships. Banks will source products and services from many specialised and best-in-class service providers, including independents and
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other banks providing white-label products and services. They will partner actively with providers to improve their capabilities without locking up their own capital and their ability to address changing demand cycles.

UNION BANK OF INDIA

INTRODUCTION Union Bank of India (UBI) (BSE: 532477) is one of India's largest state-owned banks (the government owns 55.43% of its share capital), is listed on the Forbes 2000. It has assets of USD 13.45 billion and all the bank's branches have been networked with its 1135 ATMs. Its online Tele-banking facility are available to all its Core Banking Customers - individual as well as corporate. It has representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China, and a branch in Hong Kong. HISTORY Union Bank of India (UBI) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's Independence in 1947, UBI still only had four branches - three in Mumbai and one in Saurashtra, all concentrated in key trade centres. After Independence UBI accelerated its growth and by the time the government nationalized it in 1969, it had grown to 240 branches in 28 states. Shortly after nationalization, UBI merged in Belgaum Bank, a private sector bank established in 1930
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that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank. Then in 1985 UBI merged in Miraj State Bank, which had been established in 1929. In 1999 the Reserve Bank of India requested that UBI acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank. Sikkim Bank had eight branches located in the North-east, which was attractive to UBI.

UBI began its international expansion in 2007 with the opening of representative offices in Abu Dhabi, United Arab Emirates, and Shanghai, Peoples Republic of China. The next year, UBI established a branch in Hong Kong, its first branch outside India. In 2009, UBI opened a representative office in Sydney, Australia.

The dawn of twentieth century witnesses the birth of a banking enterprise par excellence- UNION BANK OF INDIA- that was flagged off by none other than the Father of the Nation, Mahatama Gandhi. Since that the golden moment, Union Bank of India has this far unflinchingly travelled the arduous road to successful banking........ a journey that spans 88 years. We at Union Bank of India, reiterate the objective of our inception to the profound thoughts of the great Mahatama... "We should have the ability to carry on a big bank, to manage efficiently crores of rupees in the course of our national activities. Though we have not many banks among us, it does not follow that we are not capable of efficiently
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managing crores and tens of crores of rupees." Union Bank of India is firmly committed to consolidating and maintaining its identity as a leading, innovative commercial Bank, with a proactive approach to the changing needs of the society. This has resulted in a wide gamut of products and services, made available to its valuable clientele in catering to the smallest of their needs. Today, with its effecient, vlaueadded services, sustained growth, consistent profitability and development of new technologies, Union Bank has ensured complete customer delight, living up to its image of, GOOD PEOPLE TO BANK WITH. Anticipative banking- the ability to gauge the customer's needs well ahead of real-time - forms the vital ingredient in value-based services to effectively reduce the gap between expectations and deliverables. The key to the success of any organisation lien with its people. No wonder, Union Bank's unique family of about 26,000 qualified / skilled employees is and ever will be dedicated and delighted to serve the discerning customer with professionalism and wholeheartedness.

Union Bank is a Public Sector Unit with 57.07% Share Capital held by the Government of India. The Bank came out with its Initial Public Offer (IPO) in August 20, 2002 and Follow on Public Offer in February 2006. The Bank further allotted 1,92,14,515 equity shares of Rs. 10/- each to Government of India on preferential basis in the Month of March, 2011.
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Presently 42.93 % of Share Capital is presently held by Institutions, Individuals and Others. Over the years, the Bank has earned the reputation of being a techno-savvy and is a front runner among public sector banks in modern-day banking trends. It is one of the pioneer public sector banks, which launched Core Banking Solution in 2002. Under this solution umbrella, All Branches of the Bank have been 1135 networked ATMs, with online Telebanking facility made available to all its Core Banking Customers - individual as well as corporate. In addition to this, the versatile Internet Banking provides extensive information pertainning to accounts and facets of banking. Regular banking services apart, the customer can also avail of a variety of other valueadded services like Cash Management Service, Insurance, Mutual Funds and Demat. The Bank will ever strive in its endeavour to provide services to its customer and enhance its businesses thereby fulfilling its vision of becoming THE BANK OF FIRST CHOICE IN OUR CHOSEN AREA BY BUILDING BENEFICIAL AND LASTING RELATIONSHIP WITH CUSTOMERS THROUGH A PROCESS OF CONTINUOUS IMPROVEMENT.

VISSION To become the bank of first choice in our chosen areas by building benificial and lasting relationship with customer through a process of continuous improvement
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CORPORATE MISSION

A logical extension of vision statement is the mission of the bank which is to gain market recognition in the chosen areas.

To build a sizeable market share in each of the chosen area of business through effective strategies in terms of pricing, product packaging and promoting the product in the market.

To facilitate a process of restructuring of the branches to support a greater efficiency in the retail banking field. To sustain the mission objective through harnessing technology driven banking and delivery channels.

To promote confidence and commitment among the staff members, to address the expectations of the customer efficiently and handle technology banking with ease.

BOARD OF DIRECTORS

Shri M.V.Nair Managing Director)

(Chairman &

Shri S.C.Kalia Director) Shri S.S. Mundra Director)

(Executive

(Executive

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 Shri K.V.Eapen (Government of India Nominee)

Smt. Meena Hemchandra of India Nominee

(Government

On the recommendation of RBI) Shri N. Shankar Director) Shri B.N. Bhattacharjee Employee Director) Dr. Gulfam Mujibi non official director) Shri B.M. Sharma Accountant Director) Prof. M.S. Sriram Director) Shri Arun Kumar Nanda Director) Shri S. Ravi (Shareholder Director) (Shareholder ( Shareholder ( Chartered (Part- time ( Officer (Workmen

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FINANCIAL STATEMENT AS ON YEAR ENDED 2011

Net Interest Income for FY11 up 48.28% to Rs 6216 crore from Rs 4192 crore in FY10 Net Interest Margin for FY11 was 3.33%, up from 2.71% in FY10 Operating Profit for FY11 up 17.66% to Rs 4305 crore from Rs 3659 crore in FY10. The Bank had made provisions towards Pension and Gratuity liability of Rs 1265 crore during the year 2010-11. Net Profit for FY11 stood at Rs 2082 crore compared to Rs 2075 crore in FY10. Return on average assets in FY11 was 1.05% compared to 1.25% in FY10 Return on equity in FY11 was 18.68% compared to 23.69% in FY10 Earning per share in FY11 was Rs. 39.71 compared to Rs. 41.08 in FY10
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 Cost-to-income ratio stood at 47.85% in FY11 from 40.66% in FY10. Gross NPA ratio declined from 2.79% in Q2/FY11 to 2.37% in Q4/FY11. Provision Coverage ratio for FY11 stood at 67.58%.
BALANCE SHEET

Balance Sheet size of the Bank increased by 20.90% to Rs 235964 crore as on March 31, 2011 from Rs 195162 crore as on March 31, 2010 Global Business grew by 22.04%, from Rs. 291289 crore to Rs 355483 crore as on March 31, 2011 Domestic Deposits increased from Rs 169670 cr. to Rs 201891 cr,, a growth of 18.99%. Global Deposits increased from Rs 170040 crore (Mar 2010) to Rs. 202461 crore (Mar 2011), recording a growth rate of 19.07% CASA deposits grew by 19.18% to Rs. 64307 crore from Rs 53957 crore in the previous year. Despite higher term deposit rates prevailing during the year, CASA share in total deposits was maintained at 31.76%. Domestic Advances increased from Rs 118272 cr. to Rs 147081 cr., a growth of 24.35%. Global Advances increased from Rs 121249 crore (Mar 2010) to Rs. 153022 crore (Mar 2011), recording a growth rate of 26.20% Credit-Deposit ratio for the year 2010-11 stood at 78.11% compared to 71.31% in FY10

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 Retail advances grew by 20.22% to Rs 16238 crore as of March 2011 from Rs 13506 crore in the previous year. Agriculture advances increased from Rs 18464 crore (Mar 2010) to Rs 21046 crore, a growth of 13.98%.

PERSONAL BANKING
Accounts and deposits

Union Deposits Reinvestment Certificate Scheme:

Multi Gains Savings Account (MGSA) Scheme

requires maintaining a minimum balance of Rs.25000/- in a savings account. You can either upgrade your existing savings account to MGSA by filling in a simple declaration form OR open a new MGSA account. Interest will be paid quarterly in the account as against half-yearly in a normal savings account.
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Free Services

A Credit Card will be issued free for the first year with a limit of Rs.25000/- to the individual OR to either of the joint account holder. An International Debit Card will be issued free to the individual account holder OR either of the joint account holder wherever the ATM facility is available. A maximum of two free remittances to anywhere in India aggregating to Rs.25000/- will be allowed in a month. Local / outstation cheques of up to Rs.15000/- will be collected free of charge. The account holder will be provided with 10 cheque books free of cost during a financial year, subject to satisfactory utilization of the cheque leaves. Interest will be paid for unforseen delays in collection of instruments of MGSA account holders. If you desire, your MGSA account can be transferred to any of our branches in India free of cost.

Senior Citizen Scheme

Union Bank offers an additional rate component (over and above the normal interest rates applicable) to senior citizen on any size of deposit in all of its domestic term deposit schemes. This additional rate component, applicable to domestic term
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deposits of one year and above is 0.50% over the normal rate. ELIGIBILITY Any person who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest. DOCUMENTATION At the time of opening of a new deposit account, the senior citizen may produce any of the following documents as proof of age. 1) Senior School Leaving Certificate indicating date of birth. 2) LIC policy 3) Voters Identity Card 4) Pension Payment Order 5) Birth Certificate issued by the competent authority 6) Passport 7) Any other document acceptable to the bank VERIFICATION Once the age of a senior citizen is verified for accepting deposit under the special scheme for senior citizens, no further proof of age is required while accepting subsequent deposits or for renewal of deposit of the senior citizen.

No Frills Saving Account

Open a No Frills saving account with UNION BANK OF INDIA and avail world class banking facilities maintaining nominal minimum balance.
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Salient Features of NO FRILLS SAVING ACCOUNT

All resident individuals eligible to open a "No frills saving account" subject to the conditions that only one member of the family can open such account in single/joint name/s.

Minimum balance required in the account is Rs.25/- in non-CBS branches and in CBS branches average quarterly balance of Rs.25/-

No penalty for non-maintenance of prescribed minimum/average quarterly balance.

No cequebook facility will be available. One ATM / International debit card will be issued to the account holder.

Withdrawal of cash will be available only through ATM wherever online ATM facility is available. At other branches, withdrawals will be through withdrawal slip.

Number of free customer induced debit entries will be restricted to 30 per half year including debit entries through ECS/ATM. Entries above 30 will be charged @ Rs.5/- per entry.

Total credits in the account should not exceed Rs.100000/- in a year.

There is no restriction on entries for deposit of Cash/Cheques in the account.

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Nomination facility is available. The balance in all the accounts of the accountholders taken together in the bank should not exceed Rs.50,000/-.

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 Union Super Salary Account

USSA is a unique product packaged to suit the salaried class, with salient features as under: UCCA is the Premium Current Account Product suited for Employees of any Corporate, Institution, Business Traders and Business Class. Organisation, Govt. Dept., etc. with employee strength of minimum 15 and minimum net monthly salary Based on the previous month's Average Monthly Balance(AMB) disbursement facilities are allowed in UCCA.There are four maintained,freenot less than Rs.1.50 lacs, can open USSA

with us. kinds of AMB, recognized,for this purpose as follows: Net salary of an individual can be below Rs10000/-, but Rs. 50,000 the average monthly salary size of the employees of the Rs. 1,00,000 Organisation should be Rs10000/- or above. Rs. 5,00,000 Minimum 15 employees should open account with us at
Rs. 25,00,000 entry level . Comprehensive Welcome Kit, containing International Month for this purpose is rerckoned as the periodPIN, Phone of Debit Card, Internet Banking (Union e-Banking) from 16th

aBanking (Union Dial) PIN of the next calendar month. is calendar month to 15th and Multicity Cheque Book, All the abovethe USSA entail the the time of opening. benefits to provided to facilities holder at following additional The the UCCA holder: Welcome Kit facilitates the USSA holder Any Where/Any

Time Banking of his choice, as under:ATM Banking Net Banking Phone Banking Branch Banking USSA holder can use his Debit Card at over 1200 Union Bank ATMs at various locations in India, free of cost. USSA holder can also access,free of cost , around 32000 ATMs of other Banks, for cash withdrawals in India.

USSA holder can also access over 1 million ATMs, globally, bearing VISA logo USSA holder can transact through internet (Union eBanking) from his place of residence/work or anywhere, any time. USSA holder can, by dialling the telephone numbers specified, enjoy the benefits of phone banking (Union
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Eligibility

Indian Citizen - 21 years and above. Either single account or joint account with other family members viz.(father, mother, spouse or son ) with regular source of income. Individuals who may be employed/self-employed in business having regular income. A minimum of 40% marks as per investment grade scoring chart(Internal method of the bank). Purpose-

Purchase/construction of independent house/flat. Repair/Improvement/Extension. Repayment of loan availed from another agency/Bank/NBFC. For purchase/ construction of 2nd property (independent house/flat) Plot sold by a Government-recognized agency viz., HUDA, HOUSEFED and such others.

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 Union Tax Saver

Eligibility: All individuals and HUF having PAN are eligible to invest in this product. Firms, Companies, Trust, Societies, Clubs, Institutions, Corporates etc., are not allowed to invest in this product. Types of term deposit: The deposit can be of Single holder type or Joint holder type. The single holder type of deposit shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family. The joint holder type of deposit receipt may be issued jointly to two adults or jointly to an adult and a minor and payable to either of the holders or to the survivor. In case of joint holder type of deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit. Investment: The amount to be invested in the term deposit of the Bank shall be a minimum of Rs 5000/- and in multiples of Rs 1000/- thereof and maximum limited to Rs 100000/- in a financial year. The product will be available for investment, until further announcement or otherwise withdrawn, as the case may be. Period of deposit: Deposit will be accepted for a minimum period of 5 years

RETAIL LOANS

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 Union Health
EligibilityAny qualified medical practitioner / Dentist in the age group of 25 to 60 years with minimum three years experience and in the age group of 25 to 60 years. Firms / Companies engaged in medical profession in which Doctors / Dentist are Partners or Directors or the Proprietor.

Union Miles

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Union Miles Scheme is offered to individuals /firms for vehicle finance for thier personal use. Objective & PurposeEligibility Individuals above 18 years of age The scheme aims at providing financial Permanent employee of Central/State/Defence/Police assistance on reasonable terms to the poor and needy students Force/Public or Joint Sector Undertaking/reputed firms/ to undertake basic education and to meritorious students that established Educational Inst. they may pursue higher or professional or technical education. Professional/Businessmen having regular income. Borrower has at least minimum services to liquidate the loan Eligibility1 year prior to retirement.
Firms / Companies. Student Eligibility : Indian citizen

Secured admission to the concerned institute in India or Purpose- through an appropriate selection process and abroad

cleared the qualifying examination,if any For Purchase of new two/four wheelers, for personal or

professional use Courses Eligibility(Indicative List) :

Second hand a. Studies in India vehicles upto 3 years old also eligible.

Graduation/Post-Graduation Professional courses Management courses

b. Studies Abroad :

Graduation: For job-oriented professional or technical courses offered by reputed universities Post-Graduation: MCA, MBA, MS and such other courses Courses conducted by CIMA, London, CPA, USA., and such other institution
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 UNION CASH
EligibilityRetired employees of Government / Semi Government undertakings, Banks and other reputed private organisations etc. who draw fixed income / pension through our Bank. PurposeTo meet financial requirements.

UNION SMILE

EligibilityPensioners & salaried class who are drawing their pension/ salary through Union Bank of India. PurposeTo meet unforeseen medical expenses, timely payment of dues to State Electricity Board, Telephone, School fees and water charge and other such needs.

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CARDS
We can Shop with Union Banks International Credit Card. And pay at your own sweet convenience. It will bridge the gap between wanting and having. Get it now and see your tensions melt away. Union Bank in association with VISA International offers Global credit card- Union Card exclusively to its customers.

International Debit Card-

ATM SERVICES:
A T M (Automated Teller Machine) facilitates the customer to do
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Banking transactions such as Cash withdrawal, balance enquiry, obtaining mini-statement, transfer of funds between his/her own accounts etc. Union Bank of India tied up with Visa and Master for issuing International Debit Cards to the customers of all its branches. The Debit Card provides ANY TIME / ANY WHERE Banking to the customers. Presently, Bank has 2200 ATMs (As on 30.11.2009) which are on-line , conveniently located and spread across the country. The Debit Card can also be used for making purchases. The daily withdrawal limit through ATMs is Rs.25000/- and the limit for making purchases is Rs.25,000/- (combined limit Rs.50,000/-). Issue of ATM cum Debit Card to customer is made very simple and most convenient. A Readykit containing both Debit Card and Pin are handed over to the customer immediately on opening of the account and in case of existing customers, the same is provided immediately on demand. The Debit Card is activated on the next working day. There is absolutely no waiting period for obtaining the Debit Card from the Bank. Experience for yourself by opening an account with any of our CBS branches and getting the Readykit instantly. . The Debit card gets activated only when it is used alongwith PIN at ATM for cash withdrawal. Only after the first transaction at ATM, the customer will be able to use the Debit Card for making purchases. For providing better facility and wider acceptance of the Debit Card, the Bank has entered into ATM sharing arrangements with Cash Tree Group, SBI group, NFS group and VISA. Under these arrangements Union Bank cardholder can access over 32000 ATMs of 42 banks across the country
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International Transactions 2% Currency Conversion charges extra Other Benefits: 1.Free Insurance against Accidental death of principal card holder Rs.2.00 lacs and in case of Add on cardholder Rs.1.00 lac. 2. Lost card liability restricted to Rs.1,000 from the time of reporting the loss. 3. Multiple account access : The customer can get 3 accounts linked to the Card. 4. Issue of Add on Card in case of Joint accounts with Either or Survivor mandate.

UNION DIAL

Union Dial", the On-line call centre facility of Union Bank of India comes absolutely free for the customers. Contact your branch manager for availing the facility, get your PIN and enjoy banking from your home, office or anywhere in the world. Services Union Bank of India offers you a wide range of services through IVR such as : 1. Account Information 2. Change Pin 3. Transaction Posting

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INSURANCE
Union Bank has taken lot of new initiatives for the benefit of our valued customers. Along with Banking, we are one stop shop for customers all financial needs. We provide many platforms for proper investment like Insurance, Mutual Funds etc; believe it or not this is all under one roof. All this gives you peace of mind and pride of being the customer of Union Bank

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LIFE INSURANCE
Bank is distributing Life Insurance product under corporate agency tie-up with Star Union Dia-ichi (SUD) Life Insurance Co. Ltd. which is the Joint Venture of Bank of India, Union Bank of India & Dia-ichi Life Insurance Co. Japan. SUD comes up with variety of products to cater to the needs of different Customer Groups. We are selling the following products of the Insurance Company:

Dhan Suraksha (ULIP Endowment Plan) Dhan Suraksha Premium (ULIP Endowment Plan) Prabhat Tara (Unit Linked Child Benefit Plan) Dhruv Tara (Unit Linked Pension Plan) Jeevan Safar (Traditional Plan : Endowment + Whole Life) Ashiana Suraksha (Covering Home Loan Borrowers) Siksha Suraksha (Covering Education Loan)

Non life Insurance - Corporate Agency with The New India Assurance Co Ltd
The New India has around 180 different non-life insurance products ranging from insurance of bullock cart to satellite catering to cross section of Society, Trade Industry, Commerce and individuals.

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Branches are marketing following traditional policies covering. Stock in Trade Plant and Machinery Vehicles Goods in Transit Buildings Office equipments Milch Animals Agriculture Machinery & Implements.

In addition to the above Branches are also marketing personal line product such as: House holders policy Medi-Claim Policy Personal Accident Policy Overseas Travel Policy Coverage Introduced on Pan India basis. All branches are marketing this product.

UNION HEALTH INSURANCE

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Mediclaim Insurance Product in tie-up with The New India Assurance Co Ltd,which will provide the insurance cover.Scheme available for Union Bank Customers, irrespective of the fact whether they are maintaining SB/CD/Deposit Account or having Demat, Borrower Account, Debit Card and Credit Card. Group Floater Insurance for a family of maximum four persons (Customer, his/her spouse and two dependent children). Entry up to 65 years of age and it can be renewed up to the age of 80 years Sum Assured is offered in the range of Rs.50,000/- to Rs.5,00,000/- per family, as per the Insureds desire. Very competitive premium due to group-floater nature of the product. Premium paid under this policy will be eligible for deduction under section 80D of Income Tax Act

DEMAT
.

UNION DEMAT
Union Bank of India now offers you

the power of the value-added, service-oriented Demat accountUnion Demat. Union Bank is Depository participant of Central Depository Services Ltd. To carter to your individual needs as diverse as your portfolio, Union Demat will empower you with hassle-free, fast and accurate electronic transactions. Plus you get Union Bank's quality service which you are used to, at all times.
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