Home / Business and Economy / UP's $1T Dream: Union Bank Fuels Growth
UP's $1T Dream: Union Bank Fuels Growth
28 Jan
Summary
- Union Bank aims to scale UP business to ₹3 lakh crore in 3-4 years.
- Uttar Pradesh aims for $1 trillion economy by 2030.
- Bank's retail loan book in UP reached ₹25,000 crore by December 2025.
Uttar Pradesh is accelerating towards its goal of becoming a $1 trillion economy by 2030, with Union Bank of India playing a pivotal role. The bank aims to scale its business in the state to ₹3 lakh crore over the next three to four years, supporting infrastructure development, MSMEs, agriculture, and digital banking initiatives.
Public sector banks collectively hold nearly ₹20 lakh crore in business exposure in Uttar Pradesh, with Union Bank alone accounting for about ₹2 lakh crore. The state's GSDP reached ₹25.47 lakh crore in FY24, with strong post-COVID growth and a revenue surplus of ₹37,000 crore in FY23.
Union Bank's involvement includes ₹8,000 crore in infrastructure financing for major projects like expressways. Its retail loan book in UP stood at ₹25,000 crore by December 2025, showing 15% year-on-year growth. The bank also supports MSMEs with ₹15,700 crore and focuses on agri-business through initiatives like "Agri Utsav Drive."
Digital transactions now represent 93% of banking activity in UP. The bank is also a leading participant in the Chief Minister's Yuva Udyami Vikas Abhiyan, fostering youth entrepreneurship. Union Bank's recent Q3 FY26 results show a 9% net profit increase to ₹5,017 crore, with gross advances exceeding ₹10 lakh crore.
