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Union Bank of India looks to move to a new tax regime in FY23

Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, said the net profit is increasing as DTA is coming down every quarter.

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Union Bank of India

2 min read Last Updated : Feb 10 2022 | 3:51 AM IST

Union Bank of India is looking to move to a new tax regime in the next financial year. It will use Rs 12,000 crore — available in the deferred tax asset (DTA) pool — to set off any tax obligations. The public sector lender plans to raise capital via Rs 1,000 crore in additional tier 1 bonds (AT1 bonds) based on market conditions.

Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, said the net profit is increasing as DTA is coming down every quarter.

The MD & CEO said, “This time we have more cushion,

Topics : Union Bank of India tax

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Union Bank of India looks to move to a new tax regime in FY23

Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, sa­id the net profit is increasing as DTA is coming down every quarter.

Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, said the net profit is increasing as DTA is coming down every quarter.