The full form of UBI is the United Bank of India. In Kolkata, India, the Indian government ran a bank under the name UBI. Currently, the bank is organised into a three-tiered structure with its headquarters offices in Kolkata, 36 regional offices spread out over India, and 2054 subsidiaries. Eastern India is where it is primarily found.
The bank has three complete branches abroad: one each in Mumbai, New Delhi, and Kolkata. The UBI now wants to expand its international operations.
Excel in IELTS with India’s Top Online Coaching
Leap has helped more than 1 Lakh students achieve 7+ IELTS band.
A Brief History of UBI
- UBI was responsible for the merger of Comilla Banking Company, Bengal Central Bank, Comilla Union Bank, and Hooghly Bank in 1950.
- All four of these underwent declines in December 1983 with the collapse of the Nath bank. The United Bank of India was created with the support of the RBI.
- In 1961, UBI joined forces with Cuttack Bank and Tezpur Industrial Bank. Four years later, in 1965, the Government of Pakistan seized control of the bank’s Pakistani subsidiaries.
- On July 19, 1969, the Indian government nationalised UBI and thirteen other significant commercial banks. The 174 divisions of UBI existed at the time of nationalisation.
- UBI purchased Hindustan Mercantile Bank in 1973. Narang Bank of India, founded in 1943 in Narang, Gujarat, was absorbed by UBI in 1976.