What Is the Full Form of UBI in Banking?

The Full Form of ‘UBI’ in Banking is ‘United Bank of India’.

Full Form of UBI

UBI, or the United Bank of India, is a public sector bank and one of the oldest banks in India. It was established in 1950 with its headquarters located in Kolkata. UBI is the only Indian bank to have been listed on the London Stock Exchange, which it did in 1959.

UBI is one of the major players in the Indian banking system and provides a range of banking services and products to its customers across India. It has over 4,000 branches spread across 22 states and three union territories. UBI also has international presence with branches in Hong Kong, Dubai, Antwerp and Sydney. The bank offers services such as deposits, loans, money transfers, insurance policies, advisory services and much more to its customers.

The full form of UBI stands for United Bank of India which was established after the merger between four banks- Comilla Banking Corporation Ltd., Bengal Central Bank Ltd., Comilla Union Bank Ltd., and Hooghly Bank Ltd.. All these four banks were amalgamated into one entity named United Bank of India by an Act passed by the Parliament called United Bank Of India Act 1950 .

UBI adopted modern technology early on and introduced core banking solutions (CBS) way back in 2001. This allowed customers to access their accounts from any branch regardless of where they opened their account. Since then UBI has adopted several other technologies such as ATM machines, debit/credit cards , mobile banking apps etc to make it easier for its customers to access their banking needs.

The bank also operates ‘UbiSmart’ – an internet based platform that enables customers to conduct financial transactions securely through mobile phones or computers without visiting a branch or having physical contact with staff members. It also provides facilities like online bill payments , fund transfers , shopping using debit/credit cards and more . Apart from this , UBI has also launched several digital initiatives such as UbiPay – a payment gateway solution providing secure online payments using multiple payment modes , Ubiquick – an app based platform that makes it easy for customers to transfer funds instantly without visiting any branch or having physical contact with staff members & UbiMoney – a mobile wallet which allows users to store money digitally so that they can make payments easily at any time .

In conclusion , UBI is one of the top public sector banks in India offering various products & services both domestically & internationally . Its full form is ‘United Bank Of India’ which was formed after merging four smaller banks together . The bank has taken up several digital initiatives making it easier for its customers to access banking services by utilizing modern technologies & platforms .

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