Latest News on Union Bank of India
WPI inflation may have softened to 2.1% in March as food and fuel prices fell: Union Bank Report
According to a report by Union Bank of India, wholesale price index (WPI) inflation is expected to ease to 2.1% year-on-year in March 2025, down from 2.4% in February. This moderation is mainly attributed to a seasonal decline in food prices, particularly in the vegetable segment, which dropped 4% month-on-month. However, not all food items followed the same trend, with edible oil and sugar prices rising by 1.3% and 1% respectively, which may push up prices of manufactured food products.
The report also noted that the fuel WPI is expected to decline in March due to a drop in global crude oil prices, contributing to the overall moderation in WPI inflation. However, core WPI, which excludes food and fuel, may see a slight uptick in March due to a spike in global metal prices caused by ongoing tariff wars and trade disruptions.
Despite the cooling in WPI, the report warns that global developments, including trade tensions, need to be closely monitored as they could impact global supply chains and future price trends. Additionally, food prices are expected to rise again from April onward due to seasonal factors, which may impact inflation going forward. Overall, while the WPI is expected to ease slightly in March, risks remain due to global metal price pressures and potential disruptions from trade-related tensions.
Union Bank inaugurates a new zonal office in Coimbatore, further expanding its regional presenceLet me know if you’d like me to suggest any further changes!
The Union Bank of India has opened a new zonal office in Coimbatore, Tamil Nadu. This move is a part of the bank’s expansion plan to increase its presence in the Southern region. The inauguration of the new zonal office was attended by Union Bank of India’s Managing Director and CEO, A Manimekhalai, who emphasized the bank’s commitment to providing quality customer service and recognizing the contributions of its field executives. The new zonal office is located at Sowripalayam Pirivu in Ramanathapuram, Coimbatore, designed to provide easier access to customers and improve service delivery.
With the establishment of this new zonal office, the bank now has a total of 22 zonal offices, 140 regional offices, and 8,619 branches across the country. This expansion is part of the bank’s ongoing efforts to strengthen its pan-India presence. The opening of the Coimbatore zonal office is a significant milestone in the bank’s journey to provide enhanced customer service and support to its customers in the Southern region.
The bank’s presence in Coimbatore will now be more accessible, with customers and business partners benefiting from improved services, products, and support. The new zonal office is expected to play a key role in providing support to businesses, farmers, and individuals, by offering a range of products and services, including loans, deposits, and other banking products.
Union Bank of India enables exceptional talent with disabilities to achieve a historic milestone by sending specially abled staff on the 2025 Mt. Everest Expedition.
The Union Bank of India has made a remarkable announcement by empowering its specially abled staff to participate in the Mt. Everest Expedition 2025. This initiative is a testament to the bank’s commitment to inclusivity and diversity, demonstrating its willingness to break barriers and provide opportunities to individuals with disabilities.
The bank has identified a group of specially abled employees who have been training rigorously to prepare themselves for the challenging expedition. The team of 10 mountaineers, hailing from various backgrounds, will be accompanied by experienced guides and trekking experts to ensure their safety and success.
The expedition has been carefully planned and prepared to provide a unique experience for the specially abled staff. The team will begin their journey from Tibet, undertaking a 12-day trek to the base camp of Mt. Everest. From there, they will make their ascent to the summit, a daunting task that requires exceptional physical and mental endurance.
Union Bank of India’s Managing Director and CEO, Shri Rajkiran Rai G., has expressed his excitement and support for the initiative, stating that the bank is committed to providing equal opportunities to all employees, regardless of their abilities. The bank believes that this expedition will not only push the limits of its employees but also promote a sense of camaraderie and teamwork among the specially abled community.
The expedition is expected to be a transformative experience for the participants, enabling them to build confidence and self-esteem while breaking down barriers and stereotypes. Thebank is also planning to document the journey, capturing the emotions, challenges, and triumphs of the specially abled staffers, to inspire others and promote inclusivity.
This remarkable initiative showcases the bank’s dedication to creating an inclusive work environment, acknowledging that disability is not inability. By empowering its specially abled staff, Union Bank of India sets an inspiring example for other organizations to follow, demonstrating that inclusivity is not only a moral responsibility but also a business necessity.
In conclusion, the Union Bank of India’s Mt. Everest Expedition 2025 is a remarkable feat that exemplifies the bank’s commitment to inclusivity, diversity, and employee empowerment. By providing opportunities to specially abled staff, the bank is not only breaking barriers but also promoting a culture of inclusivity, diversity, and acceptance.
Stock Market Updates of Union Bank of India
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India’s central bank is expected to slash the repo rate on April 9, potentially driving home loan rates down to record lows of under 8%.
The Reserve Bank of India (RBI) is set to announce its first monetary policy for the financial year 2025-26 on April 9, with markets and economists expecting a repo rate reduction of at least 25 basis points. This could lead to a decrease in home loan interest rates, making it an opportune time for those considering a new loan or refinance. Currently, public sector lenders such as Central Bank of India, Union Bank of India, and Punjab National Bank offer interest rates ranging from 8.1% to 8.15% per annum.
Private sector banks like HDFC, Axis, and ICICI Bank have already reduced their interest rates on fresh home loans by 5-10 basis points between January and April. According to RBI rules, banks are required to review interest rates at least once every quarter, and new borrowers may see their rates going down in the coming days.
A 25-basis point repo rate cut could mean home loan interest rates dipping below 8% per annum. For instance, a Rs 50-lakh home loan with a 20-year tenure would attract an EMI of Rs 42,106 with an interest rate of 7.9% per annum, compared to the current EMI of Rs 42,290.
The article provides a breakdown of the cheapest home loans offered by Indian banks, with Central Bank of India and Union Bank of India offering the lowest interest rates at 8.1% per annum. Other public sector banks, such as Bank of India, Indian Overseas Bank, and Punjab National Bank, offer interest rates ranging from 8.15% to 8.25% per annum.
Private sector lenders like HDFC Bank, Axis Bank, and ICICI Bank offer interest rates ranging from 8.25% to 8.75% per annum. Housing finance companies like LIC Housing Finance, Bajaj Finserv, and PNB Housing Finance also offer competitive interest rates, with rates starting at 8.2% to 8.6% per annum.
Hubballi’s Gateway: Union Bank of India’s Regional Office Unveiled with Fanfare
The Union Bank of India has inaugurated its new regional office in Hubballi, Karnataka, a significant milestone in strengthening its presence and enhancing customer service in the region. The inauguration ceremony, held on Monday, was attended by key officials, employees, and customers of the bank.
The new regional office, located on the III Floor of Centrum Building on Gokul Road in Hubballi, will be equipped with the latest technology and a dedicated team to provide seamless and personalized banking experiences to customers. The zonal head of the bank, Navneet Kumar, emphasized the importance of the Hubballi region for the bank’s growth, expressing confidence that the new Regional Office will play a pivotal role in expanding the bank’s reach and impact in the area.
Managing Director of Swarnaa Group of Companies, V.S.V. Prasad, congratulated the bank on the inauguration, lauding its contribution to the economic development of the region. Prasad emphasized the bank’s commitment to providing best-in-class banking services to the people of Hubballi.
Regional Head of the bank, K. Byre Gowda, presided over the program, reiterating the bank’s commitment to provide customers with a seamless and personalized banking experience. The event was attended by senior officials, employees, and customers of the bank, all of whom are looking forward to the new Regional Office’s impact on the region’s banking and economic landscape.
The inauguration of the new Regional Office marks a significant milestone for the Union Bank of India, strengthening its presence and enhancing customer service in the Hubballi region. The new office will be a hub for the bank’s activities in the region, providing customers with easy access to its services and facilities.
Breaking News: Union Bank of India Releases Admit Card for 2025 Written Examination – Get the Latest Updates and Details Now
The Union Bank of India (UBI) has invited online applications for the recruitment of 2691 apprentices under the Apprentices Act, 1961. The selected candidates will undergo a one-year apprenticeship training at various branches and offices of UBI. The online test for apprentices will be held on 23rd March 2025 and will be conducted in various cities across India. The exam will be held in English and Hindi, except for the English section.
The online applications were accepted from 19th February 2025 to 12th March 2025, and candidates can now download their admit cards from the official website. The admit cards will be available on the website from 18th March 2025, and candidates must download them online, as no hard copy will be sent by post.
The selection process will consist of the following stages: online test, test of local language, medical examination, document verification, and final selection. The online test will assess candidates’ knowledge in general awareness, English, reasoning, quantitative aptitude, and computer knowledge. The test will be an objective-type test with a total duration of 60 minutes and a maximum mark of 100.
To download the admit card, candidates can follow these steps: visit the official website, click on the “Careers” section, find the link for “UBI Apprentice Call Letter” and click on it, enter the registration number and password/date of birth, and click on the submit button. The admit card will be displayed on the screen, which can be downloaded and printed.
India’s exposure to US trade policies is relatively contained, but potential vulnerabilities still linger, according to the UBI Report.
A research report by the Union Bank of India suggests that India’s economy may be shielded from the full impact of US trade tensions due to its trade balance with the US. However, the final impact will depend on the contours of a trade deal between the two nations. The Indian Rupee has weakened by about 2% this year, despite the US dollar remaining weak. The Reserve Bank of India (RBI) has been working to combat the indirect impacts on liquidity and financial stability.
A slowdown in the global economy poses risks, but India may partially offset the impact through a weaker currency and lower oil prices. Higher tariffs on intermediate goods can increase production costs, leading to reduced profit margins for producers. India’s key exports, such as automobiles, gems and jewelry, steel, aluminum, pharmaceuticals, and textiles, are heavily dependent on the US market.
If US protectionist policies lead to retaliatory tariffs or import substitution measures from India, it could disrupt trade flows and impact businesses. Commodity-linked sectors, such as energy and metal producers, face unique challenges and opportunities due to global price fluctuations. Markets and investors remain cautious due to President Trump’s shifting stance on trade policies, which has created economic uncertainty.
Concerns over a potential US recession have resurfaced, with weaker consumer spending, declining business confidence, and unpredictable policy decisions affecting growth projections. The five-year breakeven inflation rate in the US has risen from 1.9% in September 2024 to 2.6% in February 2025, indicating higher inflation expectations. The report concludes that India’s policymakers must navigate these uncertainties to maintain stability and growth, while a trade deal with the US will be crucial in mitigating the impact of trade tensions.
Canara Bank achieves victory in the 2025 All India Public Sector Hockey Tournament
The 2025 All India Public Sector Hockey Tournament was held at the SAI hockey ground in Kolkata, and Canara Bank from Bengaluru emerged as the champions. They defeated Union Bank of India from Mumbai 4-2 in a penalty shootout after the match ended 3-3 in regular time. The winning score was 7-5 in favor of Canara Bank.
The championship was organized by Coal India Ltd, and the trophy was presented by former India Hockey captain and double Olympic bronze medalist P.R. Sreejesh and Vinay Ranjan, Director (P & IR) Coal India Limited. The event was attended by dignitaries including Ramesh Sachdeva, Consultant (AIPSSCB), Victor Anthony, Selector (AIPSSCB), Executive Director, General Managers, and HODs from CIL Headquarters.
In his address, Sreejesh congratulated the management of CIL for promoting hockey among public sector undertakings and advised the company to promote young talents in the field of sports. Dr. Vinay Ranjan emphasized the company’s commitment to promoting sports activities, including the Khelo India initiative, and mentioned that CIL has organized various sports events, including a marathon in Jharkhand and Odisha.
The final match was a high-scoring affair, with Union Bank of India dominating the game with their attacking prowess. Canara Bank fought back with timely counterattacks, and the match ended 3-3 after 60 minutes. The penalty shootout saw K.P. Dinesh, Yathish Kumar, G.N. Pruthviraj, and Likhith B.M. successfully convert for Canara Bank, while Darshil and Rahul C.J. scored for Union Bank of India. Jagdeep Dayal, the Canara Bank goalkeeper, was adjudged the best goalkeeper of the tournament.
The tournament also recognized individual performances, with awards for Best Goalkeeper (Jagdeep Dayal), Best Defender (Surender Kumar, FCI), Best Midfielder (Rahul Shinde, UBI), and Best Forward (Krishna Mohan, SAIL). Food Corporation of India secured third place, defeating SAIL 3-2.
Union Bank of India Spearheads Innovative Thinking and Design with Ease (IDEA) Hackathon, Kicking off a Series of Public Sector Banking (PSB) Hackathons in 2025
The Union Bank of India, in collaboration with K J Somaiya College of Engineering, Mumbai, successfully concluded the IDEA Hackathon, a flagship event under the PSBs Hackathon Series 2025. This event is part of a larger initiative by the Department of Financial Services, Ministry of Finance, Government of India and Indian Banks Association, where all Public Sector Banks will conduct a series of Hackathons. The event aimed to delve into innovative solutions for real-world problems and critical areas of operations in the BFSI sector.
The hackathon received a strong response from nearly 300 teams from over 30 colleges across Maharashtra, with 42 teams participating in the 24-hour hackathon. Out of these, six winning teams were announced, including an all-women team and a differently-abled team. The winning teams received cash prizes totaling Rs. 11 lakhs, with the first, second, third, and consolation winners receiving Rs. 5 lakhs, Rs. 3 lakhs, Rs. 2 lakhs, and Rs. 1 lac, respectively.
The event was attended by distinguished delegates and dignitaries from leading banks, financial institutions, fintech firms, and regulatory bodies, including the MD & CEO of NPCI, Mr. Dilip Asbe. Union Bank of India’s MD & CEO, A. Manimekhalai, was present at the event, praising the young minds for showcasing their innovative solutions.
The IDEA Hackathon is a testament to Union Bank of India’s commitment to innovation and digital transformation. The bank will continue to support and encourage innovative ideas, driving growth and excellence in the BFSI sector.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
According to the UBI report, India’s wholesale inflation is expected to have cooled to 2% in February, marking a slowdown.
According to a recent report by Union Bank of India (UBI), India’s wholesale price index (WPI) inflation is expected to have declined to 2% in February 2023, down from 2.3% in January. This moderation in WPI inflation is largely attributed to a sharp decrease in vegetable prices, which dropped by 12% month-on-month, and a seasonal decline in food prices. Edible oil prices experienced a slight increase, while manufactured food prices remained stable, with only modest price rises in key inputs like sugar and edible oil.
Another key factor contributing to the ease in WPI inflation is the decline in fuel prices, which is expected to remain in negative territory in February. This is due to reduced global oil demand, driven by economic concerns under the second term of US President Donald Trump. The core WPI, which excludes food and fuel, also showed signs of moderation in February, with lower global energy prices contributing to the decline. However, a surge in metal prices limited the extent of the decline.
Looking ahead, UBI expects WPI inflation to continue its downward trend, supported by softening global fuel and commodity prices, as well as seasonal declines in food prices. However, the report advises caution, as ongoing trade wars and disruptions in global supply chains could influence future price trends, which will be closely monitored in the coming months. Overall, this report provides a positive outlook on India’s WPI inflation, with a reduction in prices expected across various sectors.