Latur, also known as Lattaluru, is an emerging city in the Marathwada region of the Indian state of Maharashtra. The city is close to the state boundary of Maharashtra and Karnataka, on the Balaghat plateau. It functions as the administrative headquarter of the Latur district. The city is a celebrated tourist hub as its historical monuments and the famous Kharosa Caves attract many visitors. Over the centuries, the place was ruled by various great rulers such as the Satavahanas, the Sakas, the Yadavas of Deogiri, the Delhi Sultans, the Chalukyas, the Bahamani rulers of South India, the Mughals, Adilshahi, etc. Latur is a major producer of sugarcane, edible oils, soybean, grapes and mango production. The Keshar Amba variety of mango was developed in the Latur region. Latur is the largest trading center for soybean in India. The city is within the sugar Belt of Maharashtra as it houses more than eleven sugar factories. It also has a thriving market for fruits, oilseeds and commodities. There are many industrial units for agro-processing, edible oils, consumer durables, aluminum processing, plastic processing, agriculture and biotech. It has many cold storage facilities that are privately owned as well as owned by the state.
The government owns 63.44% of the share capital of Union Bank of India making it one of the largest government-owned bank. As on 30 September 2015, the Union Bank had a network of 6909 ATMs. The online telebanking facility of UBI is available to all the Core Banking Customers, either individual or corporate. UBI had 4214 branches, as of September 2016. Out of them, four bank branches are outside India in Hong Kong, Antwerp, and Sydney (Australia) Dubai International Financial Centre. The representative offices of UBI are at Abu Dhabi, Shanghai, Beijing. The Union Bank of India (Union Bank) was registered as a limited company in Mumbai on 11 November 1919, and Mahatma Gandhi inaugrated it. The Union Bank of India had only four branches - three in Mumbai and one in Saurashtra at the time of Independence in 1947. After Independence, the growth of UBI was accelerated, and the Indian Government nationalized it in 1969. It had 240 branches by that time. The Union Bank of India acquired Belgaum Bank shortly after nationalization. The UBI bought the Miraj State Bank in 1985. In 1999 the Union Bank was requested by the RBI to acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank.