Mumbai, April 30 (IANS). State-run bank Union Bank of India on Thursday rejected reports suggesting a discrepancy in deposits. Also said that these claims are based on an unconfirmed letter and contain factual errors.
Clarifying, the bank said that its financial statements have undergone rigorous audit procedures and have received an audit opinion without modification, which confirms its true and fair position in accordance with regulatory and accounting standards.
The bank said it continues to focus on deposit growth, particularly growth in CASA (current account savings account) deposits, through targeted initiatives set out in its investor presentation. Due to these efforts its deposit base has continuously increased.
According to the bank’s internal data, the average total deposits and CASA levels (unaudited) for the period April 1 to April 28, 2026, were higher than the average recorded in Q4FY26.
According to the bank’s MIS data, total deposits stood at Rs 12.39 lakh crore in June 2025, declined to Rs 12.22 lakh crore by December, then increased to Rs 13.06 lakh crore by the end of March 2026 and to Rs 12.61 lakh crore by April 28.
A similar increase was seen in CASA deposits, which declined to Rs 4.31 lakh crore after reaching Rs 4.60 lakh crore in March, the bank said.
The bank also said that fluctuations in deposit levels immediately after the end of the financial year are normal in the banking industry.
The bank further said that the media report has no material impact on its financial position or operations, and the disclosure has been made in accordance with SEBI’s LODR regulations.
Shares of Union Bank of India were trading at Rs 164, down 1.47 per cent from the previous close at 1 pm on BSE. The shares of this public sector bank have hit a 52-week high of Rs 205.45 and a low of Rs 112.70 on BSE.
–IANS
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