The country’s fifth largest public sector bank, Union Bank of India, marked its 104th foundation day on 11 November 2022, after being founded on 11 November 1919 and having its first head office inaugurated by the Father of the Nation, Mahatma Gandhi. On this occasion, the bank introduced a super app called Union Vyom, as well as several other digital products.
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About the Union Vyom App:
Union Vyom App, the bank’s super app, is a one-stop shop for all financial goods. The Vyom app is equipped to provide consumers with a one-of-a-kind banking experience in which they may conduct transactions that go beyond traditional banking. Aside from online transactions, customers can obtain Retail, MSME loan, credit card, invest in 5000+ mutual fund schemes, and purchase insurance goods without requiring any assistance. The app is also enabled with lifestyle category products such as booking of flights, hotels, gift cards, cabs, donations & much more.
To continue its legacy of being a tech-savvy and customer-centric bank, the following products were also launched:
- Union Sparsh: Touch debit card, specially designed for the visually impaired.
- Union Muskaan: Zero balance saving account for children of 0-18 years ago, having facility of term insurance, accidental death insurance, SMS banking, NEFT, and IMPS at no cost. Also, avail of education loans at a concessional rate.
- Union Channel Finance: A fully automated financing solution for finance to dealers.
- Union Digi-Sahaj: A online account opening platform to open a saving account instantly.
- Union SARAS: A portal named Stressed Asset Recovery Automated Solution, developed for early resolution and effective management of stressed assets having end-to-end processing automation of all recovery and legal proceedings.
Important takeaways for all competitive exams:
- Union Bank of India Headquarters: Mumbai;
- Union Bank of India CEO: A. Manimekhalai (3 Jun 2022–);
- Union Bank of India Founded: 11 November 1919, Mumbai.
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