United Western Bank (UWB) was an Indian bank founded in 1936 that

IDBI Bank The IDBI Bank Limited (IDBI Bank or IDBI) is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a developmen ...

acquired in 2006 in a rescue. The

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

placed UWB under a moratorium to protect the interest of public and depositors as growing losses eroded its capital. Annasaheb Chirmule, a leader of the

Swadeshi The Swadeshi movement was a self-sufficiency movement that was part of the Indian independence movement and contributed to the development of Indian nationalism. Before the BML Government's decision for the partition of Bengal was made public in ...

movement, founded Satara Swadeshi Commercial Bank in 1907, and some three decades later founded United Western Bank. The bank was incorporated in 1936, and commenced operations the next year. UWB's head office was in Satara, in

Maharashtra Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union te ...

State. It became a Scheduled Bank in 1951. In 1956, UWB acquired Union Bank of Kolhapur, which had been incorporated on 5 July 1949. In 1961, UWB acquired Satara Swadeshi Commercial Bank. Established on 20 August 1907, this was the first bank established at Satara. At the time of the merger with IDBI, UWB had some 230 branches spread over 47 districts in 9 states, controlled by five Zonal Offices at

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

Pune Pune (; ; also known as Poona, (List of renamed Indian cities and states#Maharashtra, the official name from 1818 until 1978) is one of the most important industrial and educational hubs of India, with an estimated population of 7.4 million ...

Kolhapur Kolhapur () is a city on the banks of the Panchganga River in the southern part of the Indian state of Maharashtra. It is the administrative headquarter of the Kolhapur district. In, around 2 C.E. Kolapur's name was 'Kuntal'. Kolhapur is kn ...

Jalgaon Jalgaon () is a city in Maharashtra, India. The city is located in North Maharashtra, and serves as the administrative headquarters of its namesake district, the Jalgaon district. Jalgaon is colloquially known as the “''Banana City of India ...

, and

Nagpur Nagpur (pronunciation: Help:IPA/Marathi, aːɡpuːɾ is the third largest city and the winter capital of the Indian state of Maharashtra. It is the 13th largest city in India by population and according to an Oxford's Economics report, Nag ...

. By acquiring UWB, IDBI was able to increase its branch network from 195 to 425 branches.

Citations

{{DEFAULTSORT:United Western Bank Banks established in 1936 Indian companies established in 1936 Banks disestablished in 2006 Defunct banks of India Indian companies disestablished in 2006 Banks based in Maharashtra Satara (city)