State-owned Union Bank of India addressed recent media reports questioning deposit discrepancies, emphasizing that the claims stem from an unverified letter with factual errors. The bank assured that its financial statements undergo thorough audits, receiving unmodified opinions validating compliance with regulatory and accounting standards.
The bank highlighted its focus on deposit growth, especially in CASA (Current Account Savings Account) deposits, through targeted initiatives outlined in its investor presentation. These efforts have contributed to a consistent expansion in the bank’s deposit base.
Internal data from the bank revealed that average total deposits and CASA levels from April 1 to April 28, 2026 (unaudited), surpassed the averages recorded in the fourth quarter of FY26. The bank’s Management Information System (MIS) data indicated total deposits at Rs 12.39 lakh crore in June 2025, decreasing to Rs 12.22 lakh crore by December, then rising to Rs 13.06 lakh crore by March 2026 and Rs 12.61 lakh crore by April 28.
CASA deposits followed a similar trend, reaching Rs 4.60 lakh crore in March before decreasing to Rs 4.31 lakh crore, as highlighted by the bank. The bank also noted that fluctuations in deposit levels post the financial year-end are common in the banking sector.
Furthermore, Union Bank of India clarified that the media report has no significant impact on its financial standing or operations, affirming that the disclosure was made in accordance with SEBI’s LODR regulations. The bank’s shares on Thursday traded 2.34% lower at Rs 270.80 on the BSE compared to the previous close, with the PSU bank stock hitting a 52-week high of Rs 319.95 and a low of Rs 172 on the exchange.
