Union Bank of India , one of India's leading public sector banks, held its 23rd Annual General Meeting (AGM) on August 1, 2025, through video conferencing. The meeting saw several key decisions and approvals that are set to shape the bank's future trajectory.

Dividend Declaration and Financial Statements

Shareholders at the AGM approved the audited standalone and consolidated financial statements for the fiscal year ending March 31, 2025. In a move that will please investors, the bank declared a dividend of Rs 4.75 per equity share for the financial year 2024-25.

Capital Raising Approval

A significant development from the meeting was the shareholders' approval for raising capital aggregating to Rs 6,000.00 crore. This substantial capital infusion is expected to bolster the bank's financial position and support its growth initiatives.

Leadership Changes and Appointments

The AGM also saw several important appointments and changes in the bank's leadership:

1. Shri Suraj Srivastava was appointed as a Part-Time Non-Official Independent Director.
2. Shri Rohan Chand Thakur was nominated as the Government Nominee Director.
3. M/s Ragini Chokshi & Co., Company Secretaries, were appointed as the Secretarial Auditor for a two-year term from FY 2025-26 to FY 2026-27.

Chairman's Address

The Chairman of Union Bank of India addressed the shareholders, providing insights into various aspects of the bank's operations and future outlook. Key points from the address included:

• An overview of the macro-economic situation
• The current banking environment
• The bank's business financials
• Digital initiatives undertaken by the bank
• The bank's approach to Environment, Social, and Governance (ESG) matters

Meeting Proceedings and Voting

The AGM, which commenced at 11:00 AM and concluded at 1:10 PM, saw active participation from shareholders. All six agenda items presented at the meeting were passed with the requisite majority through e-voting.

Senior Management Change

In a separate announcement, Union Bank of India informed that Shri Chander Mohan Minocha, Chief General Manager, superannuated from the bank's services on July 31, 2025. Consequently, Shri Vipan Singh, previously a General Manager, has been elevated to the post of Chief General Manager effective August 1, 2025.

Shri Singh, who holds an MBA and is a Certified Associate of the Indian Institute of Banking (CAIIB), brings over 28 years of diverse banking experience to his new role. His expertise spans various positions across branch banking, regional and zonal offices, and the corporate office. Prior to this promotion, he headed the bank's Jaipur Zone.

The 23rd AGM of Union Bank of India marks a significant milestone for the bank, with key decisions on dividend, capital raising, and leadership changes setting the stage for its future growth and development in the evolving banking landscape.

Union Bank of India , a prominent public sector bank, has been penalized by the Reserve Bank of India (RBI) for deficiencies observed in its Currency Verification and Processing System. The penalty, amounting to ₹1.05 lakh, was imposed on July 30, 2025, as per the bank's disclosure to the stock exchanges.

Penalty Details

The RBI levied the penalty on Union Bank of India for specific deficiencies in its currency handling processes. The bank received the order on July 30, 2025, and promptly disclosed this information to comply with regulatory requirements.

Impact and Bank's Response

In its communication to the stock exchanges, Union Bank of India stated:

• The penalty has no material impact on the bank's financial operations or other activities.
• The impact of the penalty is described as "not significant" by the bank.
• Union Bank has already implemented necessary preventive measures to avoid recurrences of such instances in the future.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed entities to inform the stock exchanges about any material events or information.

Conclusion

While the penalty highlights the importance of maintaining robust systems in currency verification and processing, Union Bank of India has assured its stakeholders that the incident does not significantly affect its operations. The bank's proactive approach in implementing preventive measures demonstrates its commitment to addressing regulatory concerns and maintaining operational efficiency.

Investors and stakeholders of Union Bank of India will likely monitor the bank's future compliance and operational updates closely.