Union Bank Of India’s 100% Waiver Of Processing Charges For Home, Auto Loans Comes With A Condition – News18

In what can be seen as a positive development, the Union Bank of India has stepped in with the decision to give relief to its customers. It declared a 100% waiver of processing charges for home loans and four & two-wheeler loans. The waiver is applicable to all new customers. However, the credit scores of the customers should be 700 and above.

This offer is available for the period between August 16, 2023, and November 15, 2023. Not only this, it is also extended for the takeover of housing loans from other financial institutions and banks.

Meanwhile, the state-owned Union Bank of India also came up with a dividend cheque of ₹1,712 crore for 2022-23 on Wednesday. Notably, the bank, in its statement, stated that it was the highest dividend given by Union Bank of India in any financial year.

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

On the other hand, the Union Bank of India has started an inspection of a loan sanctioned to Reliance Communications (RCom). A few days ago, reports emerged that the bank was examining RCom for its fraudulent practice. It is also seeking the company’s response, as per a regulatory filing.

Reliance Communications is undergoing a bankruptcy resolution process in the aftermath of not clearing vendor dues and other debt.

Speaking about the matter, RCom, in a filing, said, “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 Forensic Auditor.”