What Is the Full Form of UBD in Banking?

The Full Form of ‘UBD’ in Banking is ‘Urban Banks Department’.

Full Form of UBD

UBD stands for Urban Banks Department, a division of the banking industry in India that serves to provide financial services to people living in urban areas. The UBD is part of the Reserve Bank of India (RBI) and works closely with other government-owned banks, such as the State Bank of India (SBI).

The UBD was first established in 1959 as a branch of the RBI’s banking department and was tasked with providing financial services to citizens in urban centres. This included providing loans for housing, business and agricultural purposes. In addition to this, it also served as a provider for consumer credit, deposit accounts and insurance products.

Over time, the role of UBD has evolved considerably. It now offers an extensive range of financial products and services, including current accounts and savings accounts, credit cards, debit cards personal loans and mortgage loans. In addition to this, UBD also provides foreign exchange facilities and other types of investment options such as mutual funds and stocks.

One of the primary objectives of UBD is to promote financial inclusion among all sections of society. To achieve this goal, it provides various financial assistance schemes such as Kisan Credit Card (KCC) Scheme, Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Mudra Yojana (PMMY) scheme etc., which are aimed at helping individuals from lower income groups access banking services without any difficulty or hassle.

In addition to its various initiatives aimed at promoting financial inclusion among all sections of society, UBD also plays an important role in supporting the growth and development of small businesses by providing them with access to finance through Small Business Loans (SBL). These loans are provided at competitive rates along with flexible repayment options that help small businesses expand their operations quickly.

Overall, it can be said that UBD serves a vital role in promoting economic development within India’s urban centres by providing citizens with access to affordable banking products and services. By offering these products at competitive rates along with flexible repayment options, it has helped numerous individuals from lower income groups gain access to finance which would have otherwise been inaccessible due to lack of resources or awareness about banking practices.

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