Tag Union Bank of India

New Delhi, 05 September 2024: Union Bank of India introduced its UPI Interoperable Cash Deposit – UPI ICD pilot product in Android Cash Recycler Machines (CRMs) at the Global Fintech Fest 2024 organised by National Payments Corporation of India (NPCI) in Mumbai.

The launch event was graced by RBI Deputy Governor Shri T. Rabi Sankar and Shri Nitesh Ranjan, Executive Director, Union Bank of India. Once again, Union Bank of India is leading the way in cutting edge payment products with the launch of this innovation, which offers key benefits such as interoperability, card less deposits, and the capability to deposit for both self and third parties.

With this product, customers of Union Bank of India or any other Bank can deposit cash into Union Bank’s CRM by scanning the QR code displayed on screen with any ICD enabled UPI app. They can then select the beneficiary by entering a mobile number, UPI ID, or account and IFSC details, and authenticate the transaction using their UPI PIN.

Last year, the Bank introduced interoperable card less cash withdrawals at its ATMs, allowing customers to withdraw cash using a UPI QR code. The present initiative will enhance the convenience of cash deposits for customers in India. With the surge in digital payments, and India at the forefront of this trend, this launch by Union Bank of India simplifies the deposit process for customers.

Hyderabad/Mumbai- August 09, 2024: Union Bank of India has been bestowed with the distinguished “Award of Merit” Award in the Open Group India Awards for Innovation and Excellence 2024, Delhi on Jul 31, 2024 under the category of TOGAF Standard/ Enterprise Architecture for its innovative implementation of VR-Based Immersive Training Program on Metaverse.

This prestigious recognition highlights Bank’s commitment to excellence in enterprise architectural practices and validates Bank’s efforts to utilize state of art technology for setting new standards in Banking industry and drive business success by enhanced employee training and development programs.

The Open Group India Awards is a testament to Union Bank of India’s forward-thinking approach and dedication to innovation. By integrating VR into its training program, Union Bank of India has created a dynamic interactive and engaging learning environment for its employees.

As a recipient of the Open Group India Award, Union Bank of India reaffirms its commitment to continuous improvement and innovation in enterprise architecture. The Bank will continue to leverage TOGAF to navigate future challenges and capitalize on emerging opportunities, ensuring sustained growth and excellence.

Union Bank of India, one of the largest Public Sector Banks in India, has successfully raised equity capital of ₹ 3,000 crore via Qualified Institutions Placement (QIP) on February 26, 2024. The Issue was opened on February 20, 2024 and received strong interest from high quality Domestic and Foreign Portfolio Investors. Bank has allotted 22.11 crore Shares at price of ₹ 135.65 per share (including premium of ₹ 125.65 per share) aggregating to ₹ 3,000 crore representing a discount of approximately 5% to the floor price determined as per Regulatory guidelines.

Bank has received significant & encouraging response from the market & seen participation by a diversified investor base which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors, thereby ensuring diversification of the shareholder base of Union Bank of India.

On the Successful capital raising, Ms. A Manimekhalai, MD & CEO, says “We are delighted to conclude one of the largest equity capital raising issue in public sector banking space in the recent past. Bank has successfully raised ₹ 8,000 crore by way of QIPs during the year, which is the highest in the history of Union Bank of India and one of the highest in the history of Public Sector Banks in a financial year, in recent years. This demonstrates the continued faith of investors on the Bank’s growth trajectory and prospects. The QIP Proceeds will augment the Capital base and help us pursue growth opportunities as we endeavour to create value for our Customers & Shareholders”.

As on December 31, 2023, the public shareholding in Union Bank of India stood at 23.01%. Consequent to the equity capital raising, the public shareholding in the Bank increased to 25.24% and consequently, the shareholding of Government of India becomes 74.76%. Bank has complied as per SEBI and Securities Contract (Regulations) Rules, 1957 (“SCRR”) & its further amendments i.e. to maintain a minimum public shareholding of at least 25.00%.

The Book Running Lead Managers (BRLMs) to the QIP issue were IIFL Securities Ltd., J M Financial Ltd., IDBI Capital Markets & Securities Ltd., HDFC Bank Ltd. and BNP Paribas. The Legal advisors of the transaction were Luthra & Luthra Law Offices, Saraf & Partners and Duane Morris & Selvam LLP. The Statutory Auditors were N B S & Co., Chhajed & Doshi, G S Mathur & Co., P Chandrasekar LLP and M/s. V K Ladha & Associates.

•  The QIP received an encouraging response from the market & saw participation by a diversified investor base, which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors.
•  Allotment of 22.11 crore shares at ₹ 135.65 per share (including premium of ₹ 125.65 per share) aggregating to ₹ 3,000 crore (Three Thousand Crore).
•  The amount of capital raised through the QIP issue will augment the Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio.

Union Bank of India, one of the largest Public Sector Banks in India, has successfully raised equity capital of ₹ 3,000 crore via Qualified Institutions Placement (QIP) on February 26, 2024. The Issue was opened on February 20, 2024 and received strong interest from high quality Domestic and Foreign Portfolio Investors. Bank has allotted 22.11 crore Shares at price of ₹ 135.65 per share (including premium of ₹ 125.65 per share) aggregating to ₹ 3,000 crore representing a discount of approximately 5% to the floor price determined as per Regulatory guidelines.

Bank has received significant & encouraging response from the market & seen participation by a diversified investor base which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors, thereby ensuring diversification of the shareholder base of Union Bank of India.

On the Successful capital raising, Ms. A Manimekhalai, MD & CEO, says “We are delighted to conclude one of the largest equity capital raising issue in public sector banking space in the recent past. Bank has successfully raised ₹ 3,000 crore by way of QIPs during the year, which is the highest in the history of Union Bank of India and one of the highest in the history of Public Sector Banks in a financial year, in recent years. This demonstrates the continued faith of investors on the Bank’s growth trajectory and prospects. The QIP Proceeds will augment the Capital base and help us pursue growth opportunities as we endeavour to create value for our Customers & Shareholders”.

As on December 31, 2023, the public shareholding in Union Bank of India stood at 23.01%. Consequent to the equity capital raising, the public shareholding in the Bank increased to 25.24% and consequently, the shareholding of Government of India becomes 74.76%. Bank has complied as per SEBI and Securities Contract (Regulations) Rules, 1957 (“SCRR”) & its further amendments i.e. to maintain a minimum public shareholding of at least 25.00%.

The Book Running Lead Managers (BRLMs) to the QIP issue were IIFL Securities Ltd., J M Financial Ltd., IDBI Capital Markets & Securities Ltd., HDFC Bank Ltd. and BNP Paribas. The Legal advisors of the transaction were Luthra & Luthra Law Offices, Saraf & Partners and Duane Morris & Selvam LLP. The Statutory Auditors were N B S & Co., Chhajed & Doshi, G S Mathur & Co., P Chandrasekar LLP and M/s. V K Ladha & Associates.

New Delhi, 6 February 2024, Union Bank of India proudly announces its achievement of the Payment Card Industry PIN Transaction Security (PCI PIN) certification. This certification underscores Union Bank’s proactive approach to implementing robust security measures and adhering to industry-leading standards to ensure the confidentiality and integrity of all transactions processed through our systems.

PCI PIN certification is a set of security standards established to protect the processing and transmission of card PINs used in transactions. This certification ensures that systems and devices involved in PIN processing comply with security standards set forth by the Payment Card Industry Security Standards Council (PCI SSC) to safeguard customer’s sensitive information.

Union Bank of India has consistently demonstrated its commitment to implementing industry-leading practices aligned with international standards for managing its information systems. By adhering to stringent security measures and continuously evolving its security protocols to meet emerging threats, Union Bank of India aims to strengthen customer trust and uphold the integrity of all sensitive data entrusted to the bank.

Union Bank of India’s systems, processes and IT facilities are also ISO27001:2013, ISO22301:2019, ISO31000:2018, ISO 27701:2019 & PCI-DSS certified by international certification bodies which provide safe, secure and resilient Banking experience to its customers.