Union Bank of India dismissed recent media reports over allegations on CASA (Current Account Savings Account) deposit variations. The clarification by Union Bank of India comes amidst media reports referring to a whistleblower’s letter against a PSU bank. As per reports, a senior bank official had written to the Reserve Bank of India (RBI) Governor Sanjay Malhotra, highlighting financial incongruity.
The whistleblower had alleged that there were discrepancies in the bank’s CASA (Current Account Savings Account) data for FY26 year-end. The letter also highlighted sharp swings in deposits, unusual account activity, and possible window dressing of financial numbers.
In a regulatory filing, the state-owned bank said, “…we would like to clarify that the said news/article appears to be based on a letter, the authenticity and credibility of which remain unverified. The news/article contains certain factual inaccuracies.”
The Bank categorically stated that its financial statements are ‘subject to rigorous audit processes. The auditors have issued unmodified audit reports, affirming that the financial statements present a true and fair view in accordance with applicable regulatory and accounting standards.’
Union Bank said that it continues to focus on liability accretion, especially CASA (Current Account Saving Account) deposits, through a range of strategic initiatives highlighted in the investor’s presentation.
The bank’s MIS data showed total deposits at Rs 12.39 lakh crore in June 2025, moderating to Rs 12.22 lakh crore by December before rising to Rs 13.06 lakh crore at the end of March 2026 and Rs 12.61 lakh crore (as of April 28).
The bank added that these efforts have yielded consistent growth in deposit base on an average basis. The bank has highlighted in details strength and stability of the Bank’s franchise.
“It can be observed that the average total deposits and CASA for the period 01.04.2026 to 28.04.2026 (unaudited) are much above the average figures for the Q4 of FY 2025-26. Any movement in deposits immediately after the financial
year-end is in the normal course of business for entire banking industry,” said the bank in National Stock Exchange of India Ltd filing.
