Union Bank of India

Union Bank of India is a public sector banking institution that provides a comprehensive suite of financial products and services to individual customers, corporate clients, small and medium enterprises, and agricultural borrowers. Its offerings include savings and current accounts, term deposits, retail loans such as home, auto and personal loans, credit cards, and wealth management solutions. For corporate and institutional clients, the bank supplies working capital finance, term loans, trade finance, treasury services, and structured finance products. It also conducts international banking through correspondent relationships and overseas branches, facilitating cross‑border remittances, foreign exchange operations, and trade finance for Indian exporters and importers. The bank serves customers across urban, semi‑urban and rural regions of India, addressing both retail and wholesale banking needs.

Union Bank of India operates as a scheduled commercial bank owned by the Government of India, with its headquarters located in Mumbai, Maharashtra. As a state‑owned entity, it falls under the regulatory oversight of the Reserve Bank of India and the Ministry of Finance, and its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The bank maintains a substantial domestic network of branches and ATMs, complemented by a limited presence in select international locations that support its global banking activities. Notable attributes include its focus on financial inclusion initiatives, participation in government‑sponsored schemes such as Pradhan Mantri Jan Dhan Yojana, and a strong emphasis on agricultural lending. In July 2016, the bank experienced a high‑profile cyber incident in which malware delivered via a phishing email attempted to divert approximately USD 170 million through the SWIFT system; the attack was thwarted by an alert employee and later linked to the Lazarus Group. This event underscored the bank’s ongoing efforts to strengthen its cybersecurity posture and incident response capabilities.