United Bank of India#History

File:Logo of the defunct Comilla Banking Corporation Limited.png{{Unreferenced section|date=January 2022}}

UBI was the result of the merger in 1950 of four Bengal-based banks: Comilla Banking Corporation (founded by Narendra Chandra Dutta in 1914 in what is now Bangladesh), Bengal Central Bank (founded by J. C. Das in 1918), Comilla Union Bank (founded by Indu Bhusan Dutta in 1922) and Hooghly Bank (founded by D. N. Mukherjeee in 1932). All four had suffered runs in December 1938 after the failure of the Nath Bank. The Reserve Bank of India assisted the banks in amalgamating to form United Bank of India.{{cite web|last=Ray|first=Atmadip|title=United Bank of India faces an uncertain future in a market-driven economy|website=The Economic Times|date=2014-02-19|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/united-bank-of-india-faces-an-uncertain-future-in-a-market-driven-economy/articleshow/30644795.cms?from=mdr|access-date=2025-01-01}}

In 1961, UBI merged with Cuttack Bank (est. 6 June 1913) and Tezpur Industrial Bank (est. 6 June 1918, as the first commercial bank in Assam province).{{cite web|last=Union|first=United Bank of India Employees'|title=United Bank of India Employees' Union|website=United Bank of India Employees' Union|url=http://ubieu.in/evolution-history.html|access-date=2025-01-01}} Four years later, in 1965, the government of Pakistan took over the bank's branches in Pakistan.

On 19 July 1969, the government of India nationalised UBI, along with 13 other major Indian commercial banks. At the time of nationalisation UBI had only 174 branches. In 1973, UBI acquired Hindustan Mercant

ile Bank (est. 1944). In 1976, UBI acquired Narang Bank of India, which had been established in 1943 in Narang, Gujarat.

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that United Bank and Oriental Bank of Commerce would be merged with Punjab National Bank. The proposed merger would make Punjab National Bank the second largest public sector bank in the country with assets of {{INRConvert|17.95|lc}} and 11,437 branches.{{cite news |title=Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |access-date=2 April 2020 |work=The Times of India |language=en}}{{cite web |author=Staff Writer |title=10 public sector banks to be merged into four |url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |website=Mint |access-date=30 August 2019 |language=en |date=30 August 2019}} MD and CEO of UBI, Ashok Kumar Pradhan, stated that the merged entity would begin functioning from 1 April 2020.{{cite web |title=Merged entity of UBI, PNB, OBC to become operational from April 1, 2020 |url=https://www.businesstoday.in/sectors/banks/merged-entity-of-ubi-pnb-obc-to-become-operational-from-april-1-2020/story/379073.html |website=Business Today |date=14 September 2019 |access-date=14 September 2019}}{{cite web |title=Merged entity of UBI, PNB, OBC to become operational from 1 April next year |url=https://www.livemint.com/industry/banking/merged-entity-of-ubi-pnb-obc-to-become-operational-from-1-april-next-year-1568481571774.html |website=Mint |access-date=14 September 2019 |language=en |date=14 September 2019}} The Union Cabinet approved the merger on 4 March 2020. Punjab National Bank announced that its board had approved the merger ratios the next day. Shareholders of Oriental Bank of Commerce and United Bank will receive 1,150 shares and 121 shares of Punjab National Bank, respectively, for every 1,000 shares they hold.{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020}} The merger came into effect since 1 April 2020. Post merger, Punjab National Bank has become the second largest public sector bank in India{{cite news |title=Merger of 10 public sector banks to come into effect from today: 10 points |url=https://www.livemint.com/industry/banking/merger-of-10-public-sector-banks-to-come-into-effect-from-today-10-points-11585632469446.html |access-date=2 April 2020 |work=Livemint |date=31 March 2020 |language=en}}

On 30 March 2009, the Indian government approved the restructuring of United Bank of India.{{cite web|title=United Bank of India Gets Indian Government Boots|url=http://abclive.in/abclive_business/united_bank_india_restructuring.html|url-status=dead|archive-url=https://web.archive.org/web/20090408092313/http://abclive.in/abclive_business/united_bank_india_restructuring.html|archive-date=8 April 2009|access-date=30 March 2009}} The government proposed to invest 2.5 billion rupees in shares by 31 March and another 5.50 billion in the next fiscal year in Tier-I capital instruments. The move is part of the Indian government's program to improve the capital base of the state-owned banks. UBI gets SEBI approval for Rs 1,000 crore equity issue via QIP On 22 November 2017, United Bank of India (UBI) said it has received SEBI's approval for issue of equity shares worth Rs 1,000 crore by way of institutional placement.{{Cite news |last=PTI |date=2017-11-22 |title=UBI gets Sebi approval for Rs1,000 crore equity issue via QIP |url=https://www.livemint.com/Money/JCEgfn0CiZCzWDhIK9OKOI/UBI-gets-Sebi-approval-for-Rs1000-crore-equity-issue-via-QI.html |archive-url=http://web.archive.org/web/20171228011752/http://www.livemint.com:80/Money/JCEgfn0CiZCzWDhIK9OKOI/UBI-gets-Sebi-approval-for-Rs1000-crore-equity-issue-via-QI.html |archive-date=2017-12-28 |access-date=2025-03-17 |work=www.livemint.com/}}

On 1 April 2020, the bank along with Oriental Bank of Commerce has been merged with Punjab National Bank, making it as the second largest public sector bank in India.{{cite news|title=All branches of Oriental Bank of Commerce, United Bank of India start functioning as PNB branches|work=Moneycontrol|url=https://www.moneycontrol.com/news/business/all-branches-of-oriental-bank-of-commerce-united-bank-of-india-start-functioning-as-pnb-branches-5095141.html|access-date=2 April 2020}}

In February 2014, an RBI-appointed forensic audit by Deloitte found serious lapses in the Non-performing asset detection system of the bank.{{cite news|last=Gill|first=Simran|title=Is bad loan menace at United Bank of India a cover-up after serious lapses?|url=http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/is-bad-loan-menace-at-united-bank-of-india-a-cover-up-after-serious-lapses/articleshow/30346948.cms|work=The Economic Times|date=13 February 2014 |access-date=14 February 2014}} It is yet to be established whether this oversight on the part of the bank was deliberate or unintentional.{{Citation needed|date=January 2022}}

The bank has reported a loss of ₹1,238 crore during Q3 of the 2013-14 fiscal year, resulting in a downgrade of its tier-II bonds by ICRA, an associate of Moody's Investor Service.{{cite web|title=NPA worries lead to UBI bond rating downgraded|url=http://www.deccanherald.com/content/386216/npa-worries-lead-ubi-bond.html|work=Deccan herald|date=13 February 2014 |access-date=14 February 2014}} United Bank of India's reported NPA of 10.82% is the highest in percentage among listed banks in India.{{cite web|title=UBI reports Rs 1,238-cr loss|url=http://www.business-standard.com/article/companies/ubi-reports-rs-1-238-cr-loss-114020701304_1.html|work=Business Standard|date=8 February 2014 |access-date=14 February 2014}}

• ATM with cash recycler at many branches
• Varieties of debit card like platinum and moments card
• Internet banking
• Mobile banking
• Prepaid card
• SMS banking
• United E passbook application
• United wallet for utilities payment
• United credit card
• United UPI Bhim application

{{Portal|Banks}}

• United Bank of India (1866-1874)

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Category:Defunct banks of India

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Category:Indian companies disestablished in 2020

Category:1950 establishments in West Bengal