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The Nifty PSU Bank index hit a new high at 5,589, and has rallied over 10 per cent in the last one month.

Business Standard

The Nifty PSU Bank index hit a record high of 5,418.70 in intraday trade on Tuesday, surpassing its previous high of 5,396.85 touched on October 3, 2023

Union Bank of India becomes the first Public Sector Bank to join the Account Aggregator Ecosystem

Mumbai-based public sector lender's net interest income (NII) expanded 9.89 per cent to Rs 9,126 crore in Q2FY24, compared to Rs 8,305 crore in the same quarter a year ago

technicals

Among individual stocks, Vinay Rajani, technical & derivative analyst of HDFC Securities, recommends a Buy on Union Bank and GSFC.

Banks

The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024

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In a past instance, the Nifty PSU Bank corrected over 23 per cent in the following two months after the index entered overbought zone on the monthly scale.

The Union Bank of India has started examination of a loan sanctioned to Reliance Communications (RCom) from the angle of fraudulent practice and has sought the company's response, according to a regulatory filing.
The company is undergoing an insolvency resolution process after it failed to clear vendor dues and other debt.
"Company has received a letter from Union Bank of India, with 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 company's response or reply on the said irregularities as pointed out by Forensic Auditor," RCom said in a filing.
The Union Bank of India (UBI) in a letter, dated August 7, to RCom said the bank sanctioned from time to time various credit facilities for RCom's two loan accounts at the company's request.
The bank said that Reliance Communications failed to maintain the loan accounts according to the sanctioned terms, 

Press Trust of India

RBI, Reserve Bank of India

Trend in rate-sensitive stocks remains mixed, with stocks like Manappuram Finance, M&M and Union Bank of India showing resilient up move, while a few others display fragile outlook

There was one large account with exposure of Rs 1,200 crore which slipped into the stressed category

Union Bank of India on Friday said it has identified eight troubled accounts worth Rs 3,000 crore to be sold to the national bad bank NARCL this fiscal.
The lender has more than doubled its net income at Rs 3,236 crore in the June 2023 quarter on improved asset quality and recoveries.
The city-based bank had already sold three accounts worth Rs 900 crore last fiscal to the national bad bank at a recovery of 33 per cent.
We have sort of identified as many as 42 troubled accounts with an outstanding of Rs 10,000 crore to be sold to the National Asset Reconstruction Company (NARCL). Of these, we hope to sell at least eight of them to that central government-owned bad bank this fiscal, A Manimekhalai, the chief executive and managing director of the public sector lender, told reporters at the bank's post-earnings presser here.
Union Bank was one of the first lenders to sell its NPAs to NARCL in the first lot of the bad bank's such transactions.
The bank had recovered Rs 20,000 crore f

Union Bank

Non-interest income rose 38.57 per cent YoY to Rs 3,903 crore

News

PSBs in focus; BOI soars 5% on QIP success, PNB's m-cap nears Rs 1 trn mark

PSBs extend rally; Union, Canara, PNB hit 52-week highs; SBI crosses Rs 600

Union Bank of India Q2 results: Net profit jumps 90% to Rs 3,511 crore

Nifty needs to sustain above 19,550 for bullish bias to hold

Despite JP Morgan move, analysts remain watchful of bank stocks; here's why

Is Nifty PSU Bank nearing an interim peak? Keep an eye on this pivot point

Union Bank of India begins probe into RCom loan, seeks firm's response

Mixed trend on charts in rate-sensitive stocks post RBI policy outcome

Union Bank of India eyes recoveries worth Rs 16,000 crore in FY24

Union Bank of India to sell 8 NAP accounts worth Rs 3,000 crore to NARCL

Union Bank Q1 net more than doubles to Rs 3,236 cr; NPA provisions decline