As you have asked about the steps to re generate the password for internet banking of Union Bank of India, I am giving you information about it, check below for the details
Union Bank of India has facilitated its existing Retail Internet Baking users to Reset their Login/Transaction Passwords online.

Retail Internet Banking Users can use this online facility from anywhere through Internet without any hassle.

Required details for Self Reset of Password

User Id, ATM Card number & ATM PIN number
Account Number (Which is linked to your ATM Card).
Date of Birth or PAN number (Either should be available for the above account at branch).
Details of any 1 out of last 5 transactions for above account.
Your mobile number & e-mail id should be present for above account at branch (one time activity).

Steps to Reset the password:

Click "Reset Password" link on Net-Banking website and Enter the followings.
User Id, ATM Card number, PIN number (Enter from Virtual KeyBoard) & 15 digit Account Number
Date of Birth or PAN Number (one of the two is mandatory).
Amout of any 1 out of last 5 transactions for the account.
For Rs. 500, you have to put 500 in Rupee & 00 in Paise field.
Select the Debit or Credit option for the above transaction details.
You can select Password Type as Login / Transaction / Both.
If all data entered are correct, then you will be displayed your User ID, Name.
If you continue, you will be asked to put the Login / transaction / both passwords as per your Password selection.
You can access Internet Banking Service immediately with new password(s).