News for Union Bank of India (UNIONBANK.NS)

NSDL, India's largest depository, set to launch IPO worth ₹3,400 crore in July, with major shareholders diluting stakes.

Union Bank of India and Indian Overseas Bank have reduced lending rates by 50 basis points, aligning with the RBI's recent rate moderation. This revision includes a decrease in the External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR), benefiting both new and existing retail and MSME borrowers. IOB's RLLR will decrease from 8.85% to 8.35%.

Cabinet Secretary TV Somanathan will convene a meeting next week to address the financial woes of MTNL, which faces significant loan defaults totaling ₹8,346 crore to state-run banks. The meeting aims to devise a revival strategy, focusing on asset monetization and potential business model adjustments, while exploring short-term measures to tackle immediate loan defaults and long-term solutions for minimizing losses.

The Financial Services Institutions Bureau on Friday recommended Asheesh Pandey and Kalyan Kumar for the post of Managing Director of Union Bank of India and Central Bank of India, respectively.Pandey will replace A Manimekhalai, who would complete a three-year tenure at Union Bank of India next month, while Kumar will succeed M V Rao as managing director of Central Bank of India after his superannuation in July.

The Financial Services Institutions Bureau (FSIB) has recommended the appointment of Asheesh Pandey and Kalyan Kumar as the MD & CEO of Union Bank of India (UBI) and and Kalyan Kumar as MD and CEO of Central Bank of India

Kapil and Dheeraj Wadhawan, promoters of DHFL, are accused of siphoning off over ₹11,500 crore through shell entities, using fraudulent loans. The ED's chargesheet details how they allegedly diverted funds to finance lavish purchases, including art, jewellery, and a helicopter.

Kapil and Dheeraj Wadhawan, promoters of DHFL, are accused of misusing public funds obtained through a massive bank loan scam. An ED chargesheet alleges they diverted funds for personal luxuries, including purchasing paintings, gemstones, and a stake in a helicopter.

India Business News: India's industrial production is projected to have slowed to 1.2% in April 2025, a significant drop from the 5.2% growth in April 2024. This decelerat

Markets concluded the week cautiously amid global uncertainties, with investors awaiting key domestic developments. Several companies are in focus due to Q4 results: NTPC reported a 22% profit increase, JSW Steel saw a 16% rise, and Ashok Leyland's profit grew by 38%. Hyundai, NTPC Green, and Swiggy will join FTSE global equity indices.

JSW Steel's ambitious acquisition of Bhushan Power and Steel faces legal challenges, jeopardising the company’s expansion plans in East India as well as thousands of jobs.

Union Bank of India projects India's Q4 FY25 growth at 7.0 percent, up from 6.2 percent in Q3. The full-year FY25 growth is revised to 6.3 percent. High-frequency indicators show a mixed trend with an upward bias. Revival in rural demand, government spending, and events like Mahakumbh may support growth. The IMF projects India's GDP at 6.2 percent in FY25.

The Reserve Bank of India (RBI) has, by an order dated May 23, 2025, imposed a monetary penalty of ₹63.60 lakh (Rupees Sixty Three Lakh Sixty Thousand only) o...

The Reserve Bank of India has levied a penalty of Rs 63.6 lakh on Union Bank of India for non-compliance with the Banking Regulation Act and directions related to collateral-free agricultural loans. Additionally, Transactree Technologies (Lendbox) faces a Rs 40 lakh penalty for violating norms outlined in the Peer-to-Peer Lending Platform Directions, 2017.

Fitch Ratings report shows Indian banks' improved risk profile and asset quality, leading to Viability Rating upgrades.

Despite sharp interest rate cuts expected in this financial year amid easy liquidity conditions, state-run banks are treading cautiously on their loan growth projections for FY26. Most large banks are projecting loan growth at 11-13 per cent, almost similar to the previous financial year.

Tamil Nadu government partners with seven banks to offer free insurance benefits and concessions to state employees.

NSDL reduces IPO size, moves closer to listing with 50.15 million shares; existing shareholders to dilute stakes

SEPC Limited announces Rights Issue to raise ₹35 crore, with new O&M contracts secured from Bajaj Energy.

Post the Supreme Court ruling on JSPL-Bhushan Steel, the Parliamentary Standing Committee on Finance — a department related standing committee — has convened two days meeting on May 29-30 to discuss present status on Insolvency and Bankruptcy Code.