Union Bank of India has received Board approval to raise capital by an amount not exceeding ₹8,000 crore, following a meeting of its Board of Directors held on May 26, 2026. The capital plan aims to strengthen the bank's financial position through a mix of equity and debt instruments, subject to necessary approvals.

Approved Capital Raising Plan

The Board has approved a comprehensive capital raising framework totalling up to ₹8,000 crore. The plan is split between equity and debt instruments, as outlined below:

Equity Capital Modes

The ₹3,000 crore equity component may be raised through multiple permissible modes. These include a Further Public Offer (FPO), Rights Issue, and Private Placements such as Qualified Institutions Placements. Additional avenues include Preferential Allotment to eligible institutions and any other mode subject to the approval of the Government of India, other regulatory authorities, and the shareholders of the Bank.

Basel III Compliant Debt Instruments

The remaining ₹5,000 crore is to be raised through Basel III compliant debt instruments. This covers the issuance of Additional Tier 1 (AT1) Bonds and Tier 2 Bonds, including the possibility of issuing foreign currency denominated AT1 and Tier 2 Bonds. All proposed capital raising activities remain subject to necessary approvals.

Regulatory Compliance

The intimation regarding the Board meeting and its outcome was furnished in compliance with Regulation 30 read with point no. 4(d) of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was signed by Ashish Mishra, Company Secretary of Union Bank of India.

Union Bank of India has announced the appointment of Smt. Sowmya Sridhar, General Manager, as its new Chief Risk Officer (CRO) with effect from 22 May 2026. The disclosure was made to stock exchanges on 18 May 2026, in compliance with Regulation 30 and Regulation 51 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Smt. Sridhar succeeds Shri Ashwini Kumar Ramakrishna Chowdhary, whose three-year contractual tenure as CRO concludes on 21 May 2026.

Leadership Transition in Risk Management

Shri Ashwini Kumar Ramakrishna Chowdhary was originally appointed as CRO with effect from 22 May 2023 for a term of three years. Upon the completion of his contractual tenure on 21 May 2026, Smt. Sowmya Sridhar assumes the role. Her appointment is set to run through 31 August 2029. The key details of the transition are summarised below:

Profile of Smt. Sowmya Sridhar

Smt. Sridhar joined Union Bank of India on 07 March 1995 as a Scale I Officer and brings over 30 years of experience across a broad range of banking functions. Her professional background spans credit, finance, accounts, compliance, and risk management. She holds a Certified FRM (Financial Risk Manager) designation from the Global Association of Risk Professionals (GARP), underscoring her specialised expertise in the field.

Key highlights of her professional profile include:

• Total Experience: Over 30 years with Union Bank of India
• Risk Management Experience: 19 years in risk management across various capacities
• Compliance Role: Served as General Manager in Compliance for 1 year and 6 months
• Current Role: In Risk Management since December 2025
• Certification: Certified FRM from the Global Association of Risk Professionals (GARP)

Regulatory Disclosure

The appointment was formally communicated to BSE Ltd. and the National Stock Exchange of India Ltd. on 18 May 2026, under reference number ISD/53/2026-27. The disclosure was signed by Ashish Mishra, Company Secretary of Union Bank of India. The bank referenced its earlier communication bearing Ref. ISD/068/2023-24 dated 22 May 2023, which pertained to the appointment of the outgoing CRO.