Union Bank of India News

HC rejects UBI plea seeking transfer of Valmiki scam probe to CBI

The Karnataka High Court on Wednesday dismissed a petition by Union Bank of India seeking transfer of the investigation of the alleged scam involving the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation Ltd to the CBI. The petition was heard by Justice M Nagaprasanna, who ruled that Section 35A of the Banking Regulation Act could not be used as grounds for such a transfer. He noted that allowing this could lead to an overreach by banking institutions, potentially undermining the Delhi Special Police Establishment Act (DSP Act). The case, reserved for judgment on September 30, focused on two main questions: whether the petition should be referred to the Supreme Court under Article 131 of the Constitution, and if Section 35A of the Banking Regulation Act justified seeking a CBI investigation without invoking the DSP Act. The Karnataka government, represented by senior advocate B V Acharya, argued against allowing the petition, stating that the state police have the

FIU imposes Rs 54 lakh fine on Union Bank of India for PMLA violations

The Financial Intelligence Unit (FIU) has imposed a fine of Rs 54 lakh on the Union Bank of India for "failing" to report suspicious transaction reports and for not undertaking due diligence under the anti-money laundering law for certain accounts at one of its branches in Mumbai. The federal agency issued the penalty notice under section 13 of the Prevention of Money Laundering Act (PMLA) on October 1 as it observed that the charges against the lender were "substantiated" after it considered written and oral submissions made by the Bank. The investigation started, pursuant to an observation by the FIU, and a "comprehensive review" of the Bank's operations was undertaken, which uncovered certain "irregularities" related to KYC/AML (know your customer/anti-money laundering laundering) compliance. "An independent examination of specific current accounts maintained at Union Bank of India, Hill Road Branch, Mumbai, revealed that the accounts of an NBFC (non-banking financial company) an

Sluggish capex, war on pricing dragged loan growth in Q2: Union Bank CEO

Sluggish capex demand from corporates and a 'war on pricing' in the market to sign up big borrowers brought down the targeted credit growth in the September quarter, Union Bank of India chief executive and managing director A Manimekhalai said on Tuesday. She said the state-owned lender had to stay away from many of the lending proposals because of such factors, due to which the corporate loan growth has slipped to 6.3 per cent, pulling down the overall loan growth to 9.6 per cent against the over 13 per cent for the system. The bank is targeting a loan growth of 11-13 per cent during the fiscal. Speaking to reporters, the MD and CEO said the bank had envisaged a pick-up in private capex, but the same did not turn up, leading to a muted growth in overall corporate advances. "We have let go lot many accounts for the interest rate reasons that we were not able to grow the book. Going forward, we hope the capex cycle revives. "The capex has not revived. It's just that the basket, whi

Union Bank Q2 FY25 results: Net up 34.4% on non-interest income boost

Its net interest income (NII) shrank by 0.87 per cent Y-o-Y to Rs 9,047 crore in Q2 FY25 compared to Rs 9,126 crore in the same quarter a year ago

Union Bank of India becomes 1st major bank to become signatory of PCAF

Union Bank of India on Monday announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF). This step aligns with the growing global emphasis on climate risk management and the recent draft guidelines issued by the Reserve Bank of India (RBI) on climate risk disclosures. PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to assess and disclose greenhouse gas emissions associated with loans and investments, Union Bank said in a statement. By joining PCAF, Union Bank of India demonstrates its commitment to measuring and managing its financed emissions, a crucial aspect of climate risk management for banks, it said. "Financed emissions, often referred to as Scope 3 emissions, represent the indirect emissions that result from a Bank's lending and investment activities. These emissions can significantly outweigh a Bank's operational emissions and pose substantial risks to its portfolio

Nifty PSU Bank index dips below 200-DMA after more than 2 years; what next?

The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.

PSBs extend fall after Goldman Sachs downgrades SBI; Canara, UBI down 3%

The Nifty PSU Bank index, the top loser among sectoral indices, was down 1.1 per cent at 6,581.40, as compared to the 0.16 per cent rise in the Nifty 50 at 11:14 AM on Monday.

Union Bank invites EoIs to sell Rs 2,316 crore NPAs across 45 accounts

Some of the accounts in the list include those which went unsold in an auction in June

PSU Banks in focus: BoB, UBI among 5 stocks trading at key support levels

Shares of Bank of Baroda, Union Bank of India and Indian Bank can potentially rally up to 15% if these support levels are held; check key support and resistance levels for 5 PSU bank stocks here.

Nifty PSU Bank index surges 3%; PNB soars 7% on strong Q1 results

PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.

Union Bank Q1 results: Net profit up 13.7% on healthy growth in fee income

Gross advances increased by 11.46 per cent year-on-year and total deposits grew by 8.52 per cent year-on-year. The total business as of June 30 was Rs 21.36 trillion

Breakout stocks: Nykaa, DMart, Union Bank can rally up to 20%, hint charts

Union Bank of India, Avenue Supermarts (DMart), CCL Products, FSN E-Commerce Ventures and Tata Power among 9 NSE stocks with bullish MACD crossover on the daily charts.

Swiss challenge auction: Union Bank gets sole counter bid for Jaypee Health

Bank called for a Swiss auction for 5 accounts after receiving binding bids from a list of 25 accounts for sale

Top stocks to track today: Union Bank, Brightcom, BL Kashyap, Wipro, Quess

Stocks to Watch on Wednesday, June 12, 2024: Public sector bank UBI's board of directors has approved to raise funds up to Rs 10,000 crore

Union Bank to raise Rs 10,000 cr, including Rs 6,000 cr from stake sale

State-owned Union Bank of India on Tuesday approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore from share sale, to fund its business growth. The board approved raising equity capital not exceeding Rs 6,000 crore in tranche(s) within the overall limit of Rs 10,000 crore through public issue -- further public offer or rights issue or QIP, Union Bank of India said in a regulatory filing. This would be subject to the approval of the government, other regulatory authorities and shareholders' approval, it added. The board also approved the raising of Basel III compliant Additional Tier 1 (AT 1) Bonds not exceeding Rs 2,000 crore and Tier 2 Bonds not exceeding Rs 2,000 crore (including foreign currency denominated AT1/Tier 2 Bonds) within the overall limit of Rs 10,000 crore, it noted.