DIGITAL TRANSFORMATION FOR TOMORROW
Taking banking digitisation to the subsequent stage.
ANNUAL REPORT 2021-22
DIgital Transformation for Tomorrow
In regards to the Financial institution
Remodeling to ship optimum returns
Key Monetary Developments
Delivering the next-generation,
digitised shopper monetary companies
Board of Administrators
Chief Vigilance Officer/ Chief Common Supervisor/
Common Supervisor as on 31.03.2022
Seize alternatives as we transition to a low–carbon financial system
Administration Dialogue and Evaluation
Company Governance Report
Standalone Monetary Statements
Consolidated Monetary Statements
Standalone Monetary Statements (All figures in US Greenback)
Consolidated Monetary Statements (All figures in US Greenback)
Annual Report 2021-22
Taking banking digitisation to the subsequent stage.
At Union Financial institution of India, we need to be way more than a financial institution: we need to be a digital-forward financial institution. We need to be the vanguard of the trade when it comes to embedding digitization throughout the total vary of banking processes and companies.
We’re on a well-charted course for modernising our core applied sciences to turn into a financial institution of the longer term. This began by realizing that we aren’t only a financial institution, but additionally a know-how firm. At present, we intend to implement best-in-class digitalisation efforts throughout the board and hyperlink them on to our P&L. We’re fastidiously bifurcating our companies that lend themselves to the digital phase and the normal phase, and are accelerating the adoption of digital behaviour in any respect the best nodes of our total enterprise. The outcomes are tangible and promising: we will simply see that digital clients have a lot larger earnings per buyer and cost-to-income ratio in comparison with the normal phase – giving us the potential to be a extremely productive and environment friendly financial institution. We’re additionally turning into digital to the core when it comes to our mindsets and organisational tradition. This entails a deep indoctrination of our folks for every change agenda, and the adoption of customer-journey considering to grasp how they’d truly expertise our purposes.
Over the previous few years, now we have been doing many issues to boost our return on belongings. At each flip, now we have all the time appeared to surpass trade excellence requirements to enhance the financial institution’s lending efficiency, profitability, asset high quality, and the tempo of capital era. A key technique underpinning that is our undeterred concentrate on innovation, customer support, and worth creation, making us a digital-forward financial institution. We stay dedicated to our journey in the direction of strengthening our monetary place, whereas constructing our future progress by our folks and know-how.
Financial institution Overview
Aboutthe Financial institution
Enterprise Correspondent Factors
World Deposits (31st March 2022)
World Gross Advances
(31st March 2022)
Union Financial institution of Indiais India’s one among main public sector banks listedon the Indian inventory exchanges, with the GovernmentofIndia holding 83.49% in theBank’stotal share capital. Based in 1919, wehave had an extended legacy of serving our stakeholders. Just lately, Andhra Financial institution and Company Financial institution had been amalgamatedinto our foldwith impact from 1st April, 2020. We even have 3 branches abroad at Hong Kong, DubaiInternational Monetary Centre (UAE) & Sydney (Australia); 1 consultant officeinAbu Dhabi (UAE); 1 banking subsidiary at London(UK); 4para- banking subsidiaries (home); 2 different joint ventures (together with in life insurance coverage enterprise) and 1 affiliate – Chaitanya Godavari Gramin Financial institution.
We’re the primary giant public sector financial institution within the nation to have applied 100% core banking answer. The Financial institution has obtained a number of awards and recognition for its prowess in know-how, digital banking, monetary inclusion, MSME and improvement of human assets.
Union Financial institution of India was established on 11th November 1919 with its headquarters in Mumbai. It waspromoted by Seth Sitaram Poddar.The Head Workplace constructing of the Financial institution in Mumbai was inaugurated by Mahatma Gandhi, the Father of the Nation within the yr 1921, and he mentioned on the event:
“We must always have the flexibility to hold ona bigbank, to handle effectively crores of rupees in the middle of our nationwide actions. Although now we have not many banks amongst us, it doesn’t observe that we aren’t able to effectively managing crores and tens of crores of rupees.”
– Mahatma Gandhi (1921)
His prescient phrases predicted the expansion of the Financial institution that has taken place within the a long time that adopted.
Providers & Options
Weprovide numerous banking services. TheBank operates by 4 segments:
Retail Banking Operations
Wholesale Banking, and
Different Banking Operations
The Financial institution affords financial savings and present accounts; time period and recurring
deposits; and demat and on-line buying and selling accounts. It additionally gives retail
loans, together with dwelling, automobile, training, and private loans; loans
towards the property; and loans for pensioners, in addition to merchandise
and loans for micro, small, and medium enterprises. As well as, the
firm affords mutual funds, life, non-life, well being, and basic insurance coverage
merchandise, and tax saving deposits; authorities saving schemes, tax
assortment companies, pension merchandise, and departmentalized ministries accounts; brief time period, long run, and different credit score for agricultural/SSI/
tertiary sectors; and protected deposit locker and cheque assortment companies.
Moreover, the Financial institution gives company loans comprising Covid emergency line of credit score, commerce finance, working capital, strains of credit score, challenge financing, and channel finance; debt structuring/ restructuring, mortgage syndication, structured finance, mergers and acquisition advisory, and personal fairness companies; money administration, ECGC cowl, and international alternate companies, in addition to derivatives; export and import finance companies; NRI banking companies; and treasury and different merchandise, and remittance companies. Moreover, the corporate affords app, web, self-service, ATM, and SMS banking companies; level of sale terminals and instant fee companies; and combo, debit, credit score, present, pay as you go, and payroll playing cards.
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Union Financial institution of India printed this content material on 13 January 2023 and is solely accountable for the knowledge contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 12:19:03 UTC.
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