BANKING AFFAIRS

Detailed explanation-1: -United Bank of India (UBI) was an Indian nationalized bank which provided financial and banking services. Established in 1950 and headquartered in Kolkata, the bank was nationalised by the government of India in 1969 becoming one of public sector banks in the country.

Detailed explanation-2: -The registered as well as corporate headquarters of Union Bank of India is in the prestigious Nariman Point area of Mumbai, the commercial capital of India.

Detailed explanation-3: -Subsequently, other banks namely, Cuttack Bank Limited, Tezpur Industrial Bank Limited, Hindusthan Mercantile Bank Limited and Narang Bank of India Limited were merged with the bank. The bank is currently wholly–owned by the Government of India (GoI).

Detailed explanation-4: -Founded in 1943, UCO Bank is a commercial bank and a Government of India Undertaking. Its Board of Directors consists of government representatives from the Government of India and Reserve Bank of India as well as eminent professionals like accountants, management experts, economists, businessmen, etc.

Detailed explanation-5: -Meanwhile, PNB has unveiled a new logo following the merger of United Bank of India and Oriental Bank of Commerce with it.