Union Bank of India has announced significant changes in its senior management structure with the elevation of three General Managers to Chief General Manager positions. The promotions take effect from April 1, 2026, as disclosed under Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Senior Management Promotions

The bank has elevated three experienced executives to strengthen its leadership team. All three promoted officers bring substantial banking experience and professional qualifications to their new roles.

Professional Profiles

Shri K Pramod Kumar Reddy brings the most extensive experience with over 28 years in the bank. He holds a Postgraduate degree in Agriculture and is a certified Associate of the Indian Institute of Banking (CAIIB). He is currently serving on deputation with APGB.

Shri Sumit Srivastava has been leading the Ecosystem Banking division at the Corporate Office. He holds a Master's degree in Business Administration and is CAIIB certified, contributing over 21 years of banking expertise to the organization.

Shri Dhirendra Jain heads the Finance and Accounts department at the Corporate Office. He is a Postgraduate in Commerce and a Chartered Accountant from ICAI, New Delhi. Along with his CAIIB certification, he brings over 16 years of specialized banking experience.

Regulatory Compliance

The announcement was made in compliance with SEBI regulations governing listed companies' disclosure requirements. The notification was signed by Company Secretary Ashish Mishra and communicated to both BSE Limited and National Stock Exchange of India Limited.

These strategic appointments reflect the bank's focus on promoting experienced internal talent to key leadership positions, ensuring continuity and leveraging deep institutional knowledge for future growth initiatives.

Union Bank of India has informed stock exchanges about a regulatory penalty imposed by the Reserve Bank of India, highlighting compliance challenges in digital banking operations and asset classification processes.

RBI Penalty Details

The Reserve Bank of India imposed a penalty of ₹95.40 lakh on Union Bank of India on March 27, 2026. The bank disclosed this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Violations

The penalty was imposed for three specific violations of RBI directions:

Electronic Banking Transaction Violations

The bank failed to comply with RBI directions on 'Limiting Liability of Customers in Unauthorised Electronic Banking Transactions' in two key areas:

• Credit Timeline Violation: The bank did not credit the amount involved in unauthorized electronic transactions to customers' accounts within 10 working days from the date of notification by customers
• Website Compliance Issue: The bank failed to provide a direct link for lodging complaints with specific options to report unauthorized electronic transactions on its website homepage

Asset Classification Non-Compliance

The third violation involved the bank's failure to comply with Reserve Bank directions on Income Recognition, Asset Classification and provisioning pertaining to Advances and Automation of Income Recognition, Asset Classification and Provisioning processes.

Bank's Response

Union Bank of India stated that the financial impact of the penalty is not significant to its operations. The bank has implemented necessary preventive measures to avoid recurrence of such regulatory violations in the future.

Regulatory Framework

The disclosure was made under Regulation 30(4) read with Schedule III, Part A Clause 20 of the SEBI regulations, which mandates listed entities to inform stock exchanges about penalties imposed by regulatory authorities. This ensures transparency and keeps investors informed about regulatory actions that may affect the bank's operations.