DIGITAL TRANSFORMATION FOR TOMORROW
Taking banking digitisation to the next level.
ANNUAL REPORT 2021-22
DOLLAR VERSION
Contents
DIgital Transformation for Tomorrow | 03 |
About the Bank | 04 |
Transforming to deliver optimal returns | 06 |
Key Financial Trends | 08 |
Delivering the next-generation, | 10 |
digitised consumer financial services | |
Board of Directors | 14 |
Chief Vigilance Officer/ Chief General Manager/ | 20 |
General Manager as on 31.03.2022 | |
Organization Structure | 21 |
Capture opportunities as we transition to a low-carbon economy | 22 |
Directors' Report | 24 |
Management Discussion and Analysis | 37 |
Corporate Governance Report | 71 |
Standalone Financial Statements | 115 |
Consolidated Financial Statements | 183 |
Standalone Financial Statements (All figures in US Dollar) | 226 |
Consolidated Financial Statements (All figures in US Dollar) | 294 |
Annual Report 2021-22
DIGITAL TRANSFORMATION
FOR TOMORROW
Taking banking digitisation to the next level.
At Union Bank of India, we want to be much more than a bank: we want to be a digital-forward bank. We want to be the vanguard of the industry in terms of embedding digitization across the full range of banking processes and services.
We are on a well-charted course for modernising our core technologies to become a bank of the future. This started by realizing that we are not just a bank, but also a technology company. Today, we intend to implement best-in-class digitalisation efforts across the board and link them directly to our P&L. We are carefully bifurcating our businesses that lend themselves to the digital segment and the traditional segment, and are accelerating the adoption of digital behaviour at all the right nodes of our overall business. The results are tangible and promising: we can easily see that digital customers have much higher income per customer and cost-to-income ratio compared to the traditional segment - giving us the potential to be a highly productive and efficient bank. We are also becoming digital to the core in terms of our mindsets and organisational culture. This involves a deep indoctrination of our people for each change agenda, and the adoption of customer-journey thinking to understand how they would actually experience our applications.
Over the past few years, we have been doing many things to enhance our return on assets. At every turn, we have always looked to surpass industry excellence standards to improve the bank's lending performance, profitability, asset quality, and the pace of capital generation. A key strategy underpinning this is our undeterred focus on innovation, customer service, and value creation, making us a digital-forward bank. We remain committed to our journey towards strengthening our financial position, while building our future growth through our people and technology.
03
Bank Overview
Statutory Reports
Financial Statements
04
Annual Report 2021-22
Aboutthe Bank
16.05crore
Customers
8,870
Domestic Branches
11,200+
ATMs inService
8,216
Business Correspondent Points
75,201
Employees
`10,32,392crore
Global Deposits (31st March 2022)
`7,16,408crore
Global Gross Advances
(31st March 2022)
Union Bank of Indiais India's one of leading public sector banks listedon the Indian stock exchanges, with the GovernmentofIndia holding 83.49% in theBank'stotal share capital. Founded in 1919, wehave had a long legacy of serving our stakeholders. Recently, Andhra Bank and Corporation Bank were amalgamatedinto our foldwith effect from 1st April, 2020. We also have 3 branches overseas at Hong Kong, DubaiInternational Financial Centre (UAE) & Sydney (Australia); 1 representative officeinAbu Dhabi (UAE); 1 banking subsidiary at London(UK); 4para- banking subsidiaries (domestic); 2 other joint ventures (including in life insurance business) and 1 associate - Chaitanya Godavari Gramin Bank.
We are the first large public sector bank in the country to have implemented 100% core banking solution. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
AnnualAnnualReportReport2021-2021-22 | 05 | ||||
Our Genesis
Union Bank of India was established on 11th November 1919 with its headquarters in Mumbai. It waspromoted by Seth Sitaram Poddar.The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, the Father of the Nation in the year 1921, and he said on the occasion:
"We should have the ability to carry ona bigbank, to manage efficiently crores of rupees in the course of our national activities. Though we have not many banks amongst us, it does not follow that we are not capable of efficiently managing crores and tens of crores of rupees."
- Mahatma Gandhi (1921)
His prescient words predicted the growth of the Bank that has taken place in the decades that followed.
Bank OverviewStatutory
Services & Solutions
Weprovide various banking products and services. TheBank operates through four segments:
Treasury Operations
Retail Banking Operations
Corporate and
Wholesale Banking, and
Other Banking Operations
The Bank offers savings and current accounts; term and recurring
deposits; and demat and online trading accounts. It also provides retail
loans, including home, vehicle, education, and personal loans; loans
against the property; and loans for pensioners, as well as products
and loans for micro, small, and medium enterprises. In addition, the
company offers mutual funds, life, non-life, health, and general insurance
products, and tax saving deposits; government saving schemes, tax
collection services, pension products, and departmentalized ministries accounts; short term, long term, and other credit for agricultural/SSI/
tertiary sectors; and safe deposit locker and cheque collection services.
Furthermore, the Bank provides corporate loans comprising Covid emergency line of credit, trade finance, working capital, lines of credit, project financing, and channel finance; debt structuring/ restructuring, loan syndication, structured finance, mergers and acquisition advisory, and private equity services; cash management, ECGC cover, and foreign exchange services, as well as derivatives; export and import finance services; NRI banking services; and treasury and other products, and remittance services. Additionally, the company offers app, internet, self-service, ATM, and SMS banking services; point of sale terminals and immediate payment services; and combo, debit, credit, gift, prepaid, and payroll cards.
ReportsFinancial Statements
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Union Bank of India published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2023 12:19:03 UTC.