UBI meaning in Public Sector Bank in India ?
Answer: What is United Bank of India mean?
United Bank of India (UBI) headquartered in Kolkata, has been amalgamated with Punjab National Bank w.e.f 1st April 2020. The organisational structure of UBI is now same as that of Punjab National Bank.
On 30 March 2009, the Indian government approved the restructuring of United Bank of India. The government proposed to invest 2.5 billion rupees in shares by 31 March and another 5.50 billion in the next fiscal year in Tier-I capital instruments. The move is part of the Indian government's program to improve the capital base of the state-owned banks.UBI gets SEBI approval for Rs 1,000 crore equity issue via QIPOn 22 November 2017, United Bank of India (UBI) said it has received SEBI's approval for issue of equity shares worth Rs 1,000 crore by way of institutional placement.
On 1 April 2020, the bank along with Oriental Bank of Commerce has been merged with Punjab National Bank, making it as the second largest public sector bank in India.
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