Union Bank of India

Union Bank of India

Union Bank of India traces its origin to 1919, when it was inaugurated by Mahatma Gandhi in Mumbai. The bank remained a regional operator for decades before nationalization in 1969 and a transformative 2020 amalgamation that absorbed Andhra Bank and Corporation Bank, catapulting it into the top tier of India's public-sector banks. The combined entity now serves over 120 million customers through more than 8,500 domestic branches. The bank's deployment is a classic public-sector lending book: roughly 60 percent directed to retail, agriculture, and micro, small, and medium enterprises, with the remainder supporting large corporate and infrastructure credit. Its treasury division manages a statutory liquidity ratio portfolio heavily weighted toward government securities, while the international banking group operates from three overseas hubs — Hong Kong, Dubai, and London — facilitating trade finance and cross-border corporate lending. The bank is a nominated agency for multiple government schemes including the Pradhan Mantri Awas Yojana and the Emergency Credit Line Guarantee Scheme. Beyond deposit-taking and lending, Union Bank's structure includes Union Asset Management Company and Union Mutual Fund, its asset management arm, and a wholly owned subsidiary in the UK. As of March 2024, the bank reported total assets of roughly INR 14 trillion, with a gross non-performing asset ratio that has been steadily declining post-amalgamation. The institution employs more than 75,000 people, making it one of the largest continuous workforces in Indian financial services. Union Bank of India's structural character is defined by its amalgamation architecture — it is a product of state-directed consolidation rather than organic growth, which gives it a branch network density and customer liability franchise that few private competitors can replicate. The bank's board includes representatives nominated by the Government of India, which holds over 76 percent of equity, making it a direct instrument of public credit policy.