United Bank of India (UBI) (BSE: 533171) is a state-owned financial services company headquartered in Kolkata, India. Presently the bank has a three-tier organizational setup consisting of its Head office in Kolkata, 28 Regional offices and 1453 branches spread all over India. However, its major presence is in eastern India. Due to a common acronym (UBI), which it shares with Union Bank of India, which also has an all-India presence, the public sometimes confuses the two banks.
On March 30, 2009, the Indian government decided to approve the restructuring United Bank of India. The cabinet has approved the government's proposal to investing 2.50 billion rupees in shares by March 31, 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.
