What is the full form of UBI?
The full form of UBI is the United Bank of India. UBI was a bank headquarters operated by the Indian government based in Kolkata, India. The bank currently has a three-tier organisational structure with its main offices in Kolkata, thirty-six regional offices throughout India, and 2054 subsidiaries. Its central location is in Eastern India.
The bank has three full overseas branches, one in Kolkata, one in New Delhi and one in Mumbai. The goal of the UBI is now to extend its foreign activities.
A brief history of UBI
- The merger of four Bengali banks in 1950 resulted from UBI: Comilla Banking Company, Bengal Central Bank, Comilla Union Bank and Hooghly Bank.
- After the failure of the Nath bank, all four experienced falls in December 1983. The RBI helped the banks merge to form the United Bank of India.
- UBI combined with Cuttack Bank and Tezpur Industrial Bank in 1961. The Government of Pakistan seized over the bank’s subsidiaries in Pakistan four years later, in 1965.
- UBI, along with thirteen other big commercial banks in India, was nationalised by the Government of India on 19 July 1969. UBI only had 174 divisions 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.