On 19 July 1969, the government of India nationalised UBI, along with 13 other major Indian commercial banks.

[4][5] MD and CEO of UBI, Ashok Kumar Pradhan, stated that the merged entity would begin functioning from 1 April 2020.

The move is part of the Indian government's program to improve the capital base of the state-owned banks.

UBI gets SEBI approval for Rs 1,000 crore equity issue via QIP On 22 November 2017, United Bank of India (UBI) said it has received SEBI's approval for issue of equity shares worth Rs 1,000 crore by way of institutional placement.

[11] In February 2014, an RBI-appointed forensic audit by Deloitte found serious lapses in the Non-performing asset detection system of the bank.

[citation needed] The bank has reported a loss of ₹1,238 crore during Q3 of the 2013-14 fiscal year, resulting in a downgrade of its tier-II bonds by ICRA, an associate of Moody's Investor Service.