Union Bank of India Introduces Relief Measures

In a positive move, the Union Bank of India has announced a 100% waiver of processing charges for home loans and four & two-wheeler loans. The waiver is applicable to all new customers who have a credit score of 700 and above.

Loan Type Eligibility
Home Loans New customers with credit score of 700 and above
Four & Two-Wheeler Loans New customers with credit score of 700 and above

This special offer is available from August 16, 2023, to November 15, 2023. It is also extended for customers looking to transfer their housing loans from other financial institutions and banks.

Union Bank of India’s Dividend Cheque

On Wednesday, Union Bank of India announced a dividend cheque of ₹1,712 crore for the financial year 2022-23. This dividend is the highest dividend given by the bank in any financial year.

The Managing Director of Union Bank of India, A Manimekhalai, presented the dividend cheque to Finance Minister Nirmala Sitharaman. The cheque was handed over in the presence of Joint Secretary (Banking) Sameer Shukla.

Loan Inspection for Reliance Communications

The Union Bank of India has initiated an inspection of a loan sanctioned to Reliance Communications (RCom). Recent reports revealed that the bank is examining RCom for potential fraudulent practices. The bank is also requesting a response from the company.

Reliance Communications is undergoing a bankruptcy resolution process due to its failure to clear vendor dues and other debts.

In a regulatory filing, RCom stated, “The Company has received a letter from Union Bank of India, with the subject ‘Examination of irregularities observed in the Loan Ac 495806390002088 and 495806390002240 from the fraud angle, as per the guidelines of Reserve Bank of India,’ asking to submit the company’s response or reply on the said irregularities as pointed out by the Forensic Auditor.”

Overall, the Union Bank of India’s decision to waive processing charges for home loans and vehicle loans provides relief to new customers. Additionally, their record dividend payout and examination of loans granted to Reliance Communications demonstrate the bank’s commitment to addressing financial matters efficiently.

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