Page 3 - Union Bank Of India

Bombay HC directs Anil Ambani to approach RBI over Union Bank order

The Bombay High Court on Friday raised concerns over the "cut, copy, paste manner" in which banks pass orders declaring accounts as 'defaulter' or 'fraud', and asked industrialist Anil Ambani to approach the RBI against an order of the Union Bank of India declaring his loan account as 'fraud'. A division bench of Justices Revati Mohite Dere and Neela Gokhale was hearing a petition filed by Anil Ambani challenging the October 10, 2024 order passed by the Union Bank of India. He was not granted any hearing before the order was passed, he claimed, challenging two show-cause notices issued by the bank. He had also asked for copies of the documents on which the bank had relied before passing the order, but no documents were furnished, the petition claimed. During Friday's hearing, the court said it was repeatedly coming across cases where banks declare accounts as 'fraud' or 'willful defaulter' without following the guidelines laid down by the Reserve Bank of India. "There cannot be suc

Union Bank of India to raise up to Rs 20,000 cr to finance infra, housing

Union Bank of India on Wednesday said it plans to raise long-term bonds worth up to Rs 20,000 crore to finance infrastructure and affordable housing. The public sector lender also plans to issue green/sustainable bonds of up to Rs 5,000 crore, it said, announcing the outcome of the meeting of its Board of Directors. On Monday, the bank reported a 28 per cent increase in net profit to Rs 4,604 crore for the third quarter ended December 2024, helped by improved core income. The Mumbai-based bank had earned a net profit of Rs 3,590 crore in the same quarter a year ago. Its total income rose to Rs 31,375 crore in the reporting quarter from Rs 29,137 crore a year ago, Union Bank of India said in a regulatory filing.

Union Bank's credit to grow at lower end of guidance band: MD & CEO

RBI's liquidity infusion to reduce fund costs

Union Bank shares gain 7% after posting Q3 results; check details here

On Monday, after market hours, Union Bank of India reported a 28.24 per cent year-on-year (Y-o-Y) increase in its consolidated net profit in Q3FY25 at Rs 4,604 crore, up from Rs 3,610.1 a year ago

Union Bank Q3 results: Net profit up 28.24% on non-interest income boost

The bank, in a late-night statement, said its net interest income (NII) grew marginally by 0.79 per cent Y-o-Y to Rs 9,240 crore in Q3FY25, compared to Rs 9,168 crore in the same quarter of last year

Angel One, Kalyan Jewel among 5 F&O stocks with short positions in 3 days

Angel One, Kalyan Jewellers, Union Bank, CAMS and JSW Energy have seen open positions increase up to 53 per cent amid a fall in share price; shows NSE derivatives market data.

F&O Market: Union Bank, Dabur see short build-up as Nifty tumbles 300pts

Union Bank stock futures plunged nearly 8% on the back of 54% increase in OI. On the other hand, Dr. Lal Path Labs and Metropolis Health witnessed long build-up on Monday; shows derivatives data.

Planning to buy a new car soon? Here are the best loan rates available

A comprehensive list of new car loan rates and charges by 18 leading banks

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

Facing pension delays? File a consumer complaint for quick resolution

National Commission observed the dispute was for pension benefit for which consideration in the form of contribution had been paid, so the complaint was maintainable

State-owned banks on apprenticeship spree to strengthen customer services

Banks are hiring apprentices for the first time amid gradual decline in number of employees

Vinay Rajani of HDFC Securities suggests buying these stocks on Sept 25

Nifty has formed a spinning top like pattern on Sept 24 after remaining in a 125 points range. Nifty could now face resistance from 26,250 while 25,611-25,791 band could offer support

Inflation likely held steady at five-year low of 3.5% in August: Poll

Although food prices, which make up nearly half the inflation basket, have eased significantly in the last two months, erratic monsoon rains across India could harm crop yields

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.

Toyota Kirloskar, Union Bank of India partner for vehicle loaning solutions

Toyota Kirloskar Motor on Friday said it has signed a memorandum of understanding (MoU) with Union Bank of India for providing vehicle financing solutions. Under the partnership, customers can get up to 90 per cent financing on the on-road price of any Toyota vehicle purchased for private use, exempting them from any foreclosure, or part-payment charges, the company said in a statement. Besides, private vehicle customers can opt for flexible tenures up to 7 years with interest rates starting from 8.8 per cent per annum. At present, commercial vehicle customers can opt for flexible tenures up to 5 years with competitive rates, it added. "This collaboration signifies our dedication to providing exceptional customer experiences by simplifying and making vehicle financing more accessible. Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable," Toyota Kirloskar Motor (TKM) Vice President, ...

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

RBI penalises CSB Bank, Union Bank of India, others for norms violation

The Reserve Bank of India on Monday imposed penalties on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms. A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI on 'Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks' and 'Master Circular on Branch Authorisation'. In another statement, the RBI said a penalty of Rs 1.06 crore has been imposed on Union Bank of India for non-compliance with certain norms on 'Creation of a Central Repository of Large Common Exposures-Across Banks' and 'Know Your Customer (KYC)'. A fine of 5 lakh has been imposed on Muthoot Housing Finance Company for non-compliance with certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021', the central bank said in another release. The RBI has also imposed a penalty of Rs 5 l