Union Bank of India , a prominent public sector bank, has been penalized by the Reserve Bank of India (RBI) for deficiencies observed during an inspection of its currency chests. The penalty, amounting to ₹1.35 lakh, was imposed on the bank for non-compliance with RBI guidelines.

Penalty Details

The bank disclosed the following information regarding the penalty:

Bank's Response

Union Bank of India has stated that the impact of this penalty is not significant on its financial or operational activities. The bank has also assured that it has taken necessary preventive measures to avoid recurrences of such instances in the future.

Regulatory Compliance

This disclosure was made by Union Bank of India in compliance with Regulation 30(4) read with Schedule III, Part A Clause 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank's prompt disclosure demonstrates its commitment to transparency and regulatory compliance.

Investor Relations Update

In a separate announcement, Union Bank of India informed that it did not participate in the 'JM Financial Flagship India Conference' conducted by JM Financial Limited on November 19, 2025, due to certain exigencies. This information was provided in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

While the penalty highlights the need for stringent adherence to RBI guidelines, the bank's proactive approach in addressing the issue and maintaining transparency with its stakeholders is noteworthy.

Union Bank of India , one of India's leading public sector banks, has announced a significant change in its leadership. The bank's Non-Executive Chairman and Part Time Non-Official Director, Shri Srinivasan Varadarajan, has completed his tenure, marking the end of an era for the financial institution.

Key Details of the Leadership Change

Regulatory Compliance and Disclosure

In adherence to the Securities and Exchange Board of India (SEBI) regulations, specifically Regulation 30 read with Clause 7 of Para A of Part A of Schedule III of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, Union Bank of India has duly informed the stock exchanges about this leadership transition.

The bank has notified both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) about Varadarajan's departure from the board. This move ensures transparency and keeps investors and stakeholders informed about significant changes in the bank's governance structure.

Impact and Next Steps

The bank has not provided information about Varadarajan's successor. This change in leadership could potentially influence the bank's strategic direction and governance in the coming months. Stakeholders and market observers will likely be keen to see who steps into this crucial role and what new perspectives they might bring to Union Bank of India's operations and growth strategies.

As Union Bank of India navigates this transition, the financial sector will be watching closely to see how this change might affect the bank's performance and position in India's competitive banking landscape.

The bank's prompt disclosure of this information demonstrates its commitment to corporate governance and regulatory compliance, which are crucial factors in maintaining investor confidence in the public sector banking space.