Page 2 - Union Bank Of India

Maruti Suzuki, Union Bank of India partner for dealer financing solutions

Maruti Suzuki India on Tuesday said it has inked an initial pact with Union Bank of India for dealer financing solutions. The tie-up enhances the comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country, the auto major said in a statement. MSI (Maruti Suzuki India) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said the automaker takes great care in nurturing its dealer network. "We proactively align our efforts in meeting the evolving demands of customers and the market, " he added. The company's partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 3,00,000 car finance cases till date, Srivastava said. "As a next milestone of our association, we are entering into an inventory funding Memorandum of Understanding (MoU) which will focus on innovative financing solutions for dealer partners," he added. Union Bank of India Managing Director & CEO

UBI shares surge 7%, approach 52-week high as bank launches Rs 3,000-cr QIP

A meeting of the Committee of Directors for Raising Capital Funds is scheduled to be held on February 23, 2024 to consider and approve the issue price for the QIP

Stocks to Watch today: Zee, Hindalco, RIL, Tata Power, Paytm, TVS Supply

Stocks to watch on Wednesday, February 21, 2024: In news today - Sebi finds Rs 2,000 cr fund diversion in Zee; Hindalco arm files IPO papers in US; Rolls Royce extends pact with TVS Supply Chain.

Loan scam case: Supreme Court cancels bail granted to Wadhawan brothers

A bench of Justices Bela M Trivedi and S C Sharma said the Delhi High Court and the trial court committed an error in granting bail to Wadhawan brothers

BSE 200 scorecard: From IGL to Zee, reading the tea leaves from FPI move

Krishna Kant and Ram Prasad Sahu track the investments made by foreign portfolio investors in BSE 200 companies - a move that is seen as pivotal to the future of a stock on bourses

Union Bank's Q3 net profit up 60% at Rs 3,590 cr, NIM inches down to 3.08%

The Net Interest Income (NII) of the bank grew by 6.26 per cent to Rs 9,168 crore from Rs 8,628 crore. Other income increased by nearly 15.4 per cent to Rs 3,774.30 crore from Rs 3,270.82 crore

Union Bank of India net profit surges 60% to Rs 3,590 crore in Q3

State-owned Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December quarter on the back of lower provisioning and better interest income. The bank had reported a net profit of Rs 2,249 crore in the year-ago period, Union Bnak of India said in a regulatory filing. The total income of the bank increased to Rs 29,137 crore during the third quarter of the ongoing fiscal as compared to Rs 24,154 crore a year ago, the filing said. The bank's interest income improved during the third quarter of the current fiscal to Rs 25,363 crore, as against Rs 20,883 crore a year ago, it said. The bank's gross Non-Performing Asset (NPA) ratio improved to 4.83 per cent as on December 31, 2023 as against 7.93 per cent a year ago. Similarly, the net NPA also declined to 1.08 per cent as compared to 2.14 per cent at the end of December 2022. Provisioning for bad loans came down to Rs 1,226 crore during the quarter under review from Rs 2,443 crore on the

PSBs in focus; BOI soars 5% on QIP success, PNB's m-cap nears Rs 1 trn mark

The Nifty PSU Bank index hit a new high at 5,589, and has rallied over 10 per cent in the last one month.

Union Bank of India Q2 results: Net profit jumps 90% to Rs 3,511 crore

Mumbai-based public sector lender's net interest income (NII) expanded 9.89 per cent to Rs 9,126 crore in Q2FY24, compared to Rs 8,305 crore in the same quarter a year ago

Search for unclaimed deposits in 30 banks available on UDGAM: RBI

In August, the RBI launched the portal to assist the public in searching for their unclaimed deposits across banks in one location

Is Nifty PSU Bank nearing an interim peak? Keep an eye on this pivot point

In a past instance, the Nifty PSU Bank corrected over 23 per cent in the following two months after the index entered overbought zone on the monthly scale.

Ireda partners with banks to boost renewable energy projects in India

Agreements with Union Bank of India and Bank of Baroda set to empower renewable energy projects

Small, mid or large, many 'caps' cos wear: Polycab, PFC take pole position

An equivalent number of stocks will experience downgrades, moving from large-cap to mid-cap and from mid-cap to small-cap

Union Bank on India to raise up to Rs 5,000 cr through QIP of equity shares

Union Bank of India on Monday said it will raise up to Rs 5,000 crore through qualified institutional placement. A Committee of Directors on Raising Capital Funds has, at its meeting held on Monday i.e. August 21, 2023, approved the raising of funds for an amount not exceeding Rs 5,000 crore through the issue of equity shares through Qualified Institutions Placement (QIP), Union Bank said in a regulatory filing. The floor price of the issue is Rs 91.10 per equity share, while the date of opening of the issue is Monday, the bank added.

Union Bank of India begins probe into RCom loan, seeks firm's response

The Union Bank of India has started examination of a loan sanctioned to Reliance Communications (RCom) from the angle of fraudulent practice and has sought the company's response, according to a regulatory filing. The company is undergoing an insolvency resolution process after it failed to clear vendor dues and other debt. "Company has received a letter from Union Bank of India, with subject 'Examination of irregularities observed in the Loan Ac 495806390002088 and 495806390002240 from the fraud angle, as per the guidelines of Reserve Bank of India', asking to submit company's response or reply on the said irregularities as pointed out by Forensic Auditor," RCom said in a filing. The Union Bank of India (UBI) in a letter, dated August 7, to RCom said the bank sanctioned from time to time various credit facilities for RCom's two loan accounts at the company's request. The bank said that Reliance Communications failed to maintain the loan accounts according to the sanctioned terms,

Union Bank of India to sell 8 NAP accounts worth Rs 3,000 crore to NARCL

Union Bank of India on Friday said it has identified eight troubled accounts worth Rs 3,000 crore to be sold to the national bad bank NARCL this fiscal. The lender has more than doubled its net income at Rs 3,236 crore in the June 2023 quarter on improved asset quality and recoveries. The city-based bank had already sold three accounts worth Rs 900 crore last fiscal to the national bad bank at a recovery of 33 per cent. We have sort of identified as many as 42 troubled accounts with an outstanding of Rs 10,000 crore to be sold to the National Asset Reconstruction Company (NARCL). Of these, we hope to sell at least eight of them to that central government-owned bad bank this fiscal, A Manimekhalai, the chief executive and managing director of the public sector lender, told reporters at the bank's post-earnings presser here. Union Bank was one of the first lenders to sell its NPAs to NARCL in the first lot of the bad bank's such transactions. The bank had recovered Rs 20,000 crore f

Stocks to watch: RIL, Infosys, HUL, Ultratech Cement, Union Bank, L&T, DLF

Stocks to watch on July 21, 2023: From Reliance Industries to Infosys, check out the top stocks to watch in Friday's trading session

Union Bank Q1 net more than doubles to Rs 3,236 cr; NPA provisions decline

Non-interest income rose 38.57 per cent YoY to Rs 3,903 crore

Records related to Robert Vadra's company destroyed in bank basement

Union Bank of India has claimed that crucial documents between 2008 to 2012 were destroyed due to water flooding the bank basement

IIFL Finance raised $175 million in June from HSBC, Union Bank and BoB

With a borrowing of $100 million in March, the total borrowing in 2023-24 (FY24) so far has reached $275 million