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Union Bank of India launches Union Vyom app and various new products on its 104th day of founding

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On November 11, 2022, Union Bank of India (UBI) celebrated its 104th founding day in Mumbai, Maharashtra. The bank began operations on November 11, 1919 and its headquarters in Mumbai, Maharashtra was inaugurated by the Father of the Nation, Mahatma Gandhi in 1921.

As part of the celebrations, the bank launched the following Union Vyom app and various other digital products:

union Vyom Application :

It is the Bank’s super app offering a one-stop solution for all financial products.

This application allows the customer to do online transactions, use retail, MSMEs (micro, small and medium enterprises), loans, credit cards, invest in more than 5000 fund schemes mutual funds and to buy insurance products without any assistance. One can also book flights, hotels, gift cards, taxis, donations and much more.

Other launches:

i. Union sparse– Tactile debit card, specially designed for the visually impaired

ii. Union Muskaan– Zero balance savings account for children from 0 to 18 years old, having term insurance, accidental death insurance, SMS banking, NEFT, IMPS without fees. Also take advantage of an education loan at a preferential rate.

  • It will increase financial awareness and saving habits in children.

iii. Union Channel funding– A fully automated financing solution for dealer financing

iv. Union Digi Sahaj– This is an online account opening platform to instantly open a savings account.

  • It will enable small and medium businesses to provide the best customer experience.

v. Union SARAS– An acronym for Automated Stressed Asset Recovery Solutionit offers early resolution and effective management of distressed assets.

UBI Facts:

I.On April 1, 2020, Corporation Bank and Andhra Bank merged into UBI.

ii.UBI was nationalized in 1969.

iii.In 1978, the Bank became the first nationalized bank to publish an annual report in Hindi.

iv.In 2008, it became the first large nationalized bank to achieve 100% CBS networks.

Recent Related News:

I.UBI has taken another step forward in promoting employee career paths and improving diversity in banking with Union Prerna 2.0-EmpowerHim, an industry-first, people-focused board dedicated to improving of the work environment.

ii.UBI has set itself RACE – increasing RAM loans (retail, agriculture and MSMEs), improving asset quality, increasing CASA (current account, savings account deposits) and increasing income – as its goal for 2022.

About Union Bank of India (UBI):

CEO and CEO– A. Manimekhalai (the first female head of UBI)
Headquarter– Bombay, Maharashtra
Slogan– Good people to bank with

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