Union Bank of India dismisses reports on deposit variation

Mumbai, April 30 (IANS) State-owned Union Bank of India on Thursday dismissed recent media reports regarding variations in deposits, stating that the claims are based on an unverified letter and contain factual inaccuracies.

In a clarification statement, the bank said its financial statements undergo rigorous audit processes and have received unmodified audit opinions, confirming a true and fair view in line with regulatory and accounting standards.

The bank said that it continues to focus on deposit growth, particularly in CASA (Current Account Savings Account) deposits, through targeted initiatives outlined in its investor presentation. These efforts have supported steady expansion in its deposit base.

According to the bank’s internal data, average total deposits and CASA levels for the period from April 1 to April 28, 2026 (unaudited), were higher than the averages recorded in the fourth quarter of FY26.

The bank’s MIS data showed total deposits at Rs 12.39 lakh crore in June 2025, moderating to Rs 12.22 lakh crore by December before rising to Rs 13.06 lakh crore at the end of March 2026 and Rs 12.61 lakh crore (as of April 28).

CASA deposits followed a similar trajectory, reaching Rs 4.60 lakh crore in March before easing to Rs 4.31 lakh crore, the bank highlighted.

It also noted that fluctuations in deposit levels immediately after the financial year-end are normal across the banking industry.

The bank further stated that the media report has no material impact on its financial position or operations, adding that the disclosure was made under SEBI’s LODR regulations.

Shares of Union Bank of India on Thursday traded 2.34 per cent lower to Rs 270.80 from the previous close on the BSE. The PSU bank stock has touched a 52-week high of Rs 319.95 and a low of Rs 172 on the exchange.

–IANS

ag/na