BUSINESS

A condition applies to Union Bank of India’s 100% waiver of processing fees for home and auto loans

The Union Bank of India has intervened with the decision to provide assistance to its clients, which may be considered as a good move. It announced a complete removal of processing fees for house loans and loans for two- and four-wheeled vehicles. All new clients are eligible for the waiver. However, consumers’ credit ratings must be 700 or above.

For the time frame of August 16, 2023, through November 15, 2023, this promotion is valid. Additionally, it is extended for the replacement of mortgage loans from other banks and financial organizations.

In the meanwhile, on Wednesday, the government-owned Union Bank of India announced a dividend check for 1,712 crore for 2022–2023. Notably, the bank said that it was the biggest dividend paid by Union Bank of India in any fiscal year in their statement.

Finance Minister Nirmala Sitharaman received the dividend check from Union Bank of India managing director A Manimekhalai. In the presence of Joint Secretary for Banking Sameer Shukla, the check was presented.

The Union Bank of India, on the other hand, has begun an examination of a loan approved to Reliance Communications (RCom). Reports that the bank was looking into RCom’s fraudulent behavior surfaced a few days ago. According to a regulatory document, the corporation is also being asked for a response.

After failing to pay vendor dues and other debts, Reliance Communications is now going through a bankruptcy settlement procedure.

In a filing, RCom stated: “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 the company to submit the company’s response or reply on the said irregularities as pointed out by Forensic Auditor.”

 

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