Union Bank of India , a prominent player in the Indian banking sector, has reported mixed results in its latest quarterly business update, showcasing strong growth in retail advances but facing challenges in overall loan and deposit growth.

Impressive Growth in Domestic Retail Advances

The bank announced a remarkable 23.96% year-on-year growth in domestic retail advances as of September 30. This substantial increase highlights Union Bank of India's successful strategies in expanding its retail lending portfolio and catering to the growing needs of individual customers.

Overall Business Performance

Despite the strong performance in retail advances, Union Bank of India faced some challenges in other areas:

• Total Global Business: The bank's total global business witnessed a modest 3.24% increase year-over-year.
• Total Global Deposits: Union Bank of India recorded a 1.90% year-over-year growth in total global deposits.
• Loan Growth: The bank reported a 5.30% year-over-year increase in gross advances to ₹9.42 lakh crore.
• Deposit Growth: Deposits increased by 1.90% annually to ₹12.34 lakh crore but declined 0.40% sequentially.

Key Performance Indicators

Market Response

Following the release of these results, Union Bank of India's shares declined by 2.10% to ₹135.90. This decline came after the stock had gained 8% over the past month.

Analysis

While Union Bank of India's performance in the retail segment has been impressive, the overall slowdown in loan and deposit growth presents challenges. The bank's RAM (Retail, Agri, MSME) segment grew by 9.30% to ₹5.54 lakh crore. However, the strong 24% growth in retail loans within this segment is a positive sign.

The bank's domestic CASA (Current Account Savings Account) balances reached ₹4.01 lakh crore, up 1.40% year-over-year but down 0.30% from the previous quarter, indicating potential pressure on low-cost deposits.

As the banking landscape continues to evolve, Union Bank of India's strong performance in the retail segment may position it well to capitalize on the growing demand for personal loans, home loans, and other retail banking products in the Indian market. However, the bank will need to address the challenges in overall loan and deposit growth to maintain its competitive position in the sector.

Union Bank of India , one of India's leading public sector banks, has announced a significant leadership change. Asheesh Pandey has assumed the role of Managing Director and Chief Executive Officer, bringing with him a wealth of experience in the banking sector.

Appointment Details

According to the official notification from Union Bank of India, Pandey's appointment comes through a Central Government order dated September 30, 2025. He will serve a three-year term, effective from the date of assuming office or until further orders, whichever comes earlier.

Pandey's Extensive Banking Background

Asheesh Pandey brings over 27 years of diverse banking experience to his new role. His career journey includes:

• Starting at Corporation Bank in Mumbai
• Serving as Executive Director at Bank of Maharashtra for nearly four years
• Previously holding the position of Chief General Manager and Chief Operating Officer at Union Bank of India

Key Achievements and Expertise

Throughout his career, Pandey has demonstrated expertise in various aspects of banking:

• Oversaw corporate credit, treasury, and digital lending initiatives at Bank of Maharashtra
• Led the integration of the amalgamated entity at Union Bank of India
• Implemented digital solutions including WhatsApp banking, video KYC, and doorstep banking
• Managed portfolios spanning credit, treasury, foreign transactions, compliance, marketing, and customer relations

Educational Background and Professional Development

Pandey's qualifications and ongoing professional development underscore his commitment to excellence in banking:

• Holds a degree in Mechanical Engineering
• Postgraduate management qualification specializing in finance and marketing
• Certified Associate of the Indian Institute of Bankers
• Completed executive training programs at prestigious institutions:
  • Executive Program in Strategic Digital Marketing & Analytics (2023) from IIM Rohtak
  • Directors Development Program (2023) by Egon Zehnder in collaboration with Harvard Business Publishing
  • Leadership Development Program for Senior Management of PSBs at IIM Bangalore
  • IT & Cyber Security program for Senior Management at IDRBT, Hyderabad

Impact on Digital Transformation

Known for his tech-savvy approach, Pandey has played a crucial role in the digital transformation of banking services. His experience in re-engineering, harmonization, automation, and digitization during the amalgamation of e-Andhra Bank and e-Corporation Bank with Union Bank of India is expected to drive further innovations in his new role.

As Asheesh Pandey takes the helm at Union Bank of India, his extensive experience and focus on digital innovation are likely to shape the bank's strategies in an increasingly competitive and technology-driven banking landscape.