Union Bank of India : Please click here for Annual Report 2021-22- (Dollar Version)

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