AIBOC Kerala State Secretary Shri Sreenath Induchoodan, acting in his individual capacity, has issued a legal notice to Zee Business and the CNBC Media Group concerning a recent news article on Union Bank of India.
Recently, Zee Business published a news article that Union Bank of India inflated its balance sheet. The media alleged that a senior official of the Bank had complained that the Bank inflated its business in March end to show good numbers.
As per report by Z Business, a senior official of Union Bank of India has written a letter to the Reserve Bank of India (RBI).The official has alleged irregularities in the bank’s CASA (Current Account Savings Account) data near the end of FY26. The complaint mentions sudden changes in deposits, unusual account activity, and possible “window dressing” of financial numbers.
According to the complaint, the bank’s CASA balances increased by about ₹31,000 crore in the last days of FY26. This rise in CASA happened between March 28 and March 31. March 31 is the closing date for banks and banks try to increase their business as much as possible in the month of March.
The letter alleges that soon after 31 March, the balances reportedly fell. By April 2, CASA deposits dropped by around ₹12,000 crore. This sharp fall has raised concerns.
Union Bank of India has denied the allegations. The bank said that recent reports are based on an unverified letter and contain factual errors. It said its financial results are properly audited and present a true and fair view.
Regarding this, Sreenath Induchoodan has sent the legal notice to Zee Business and CNBC Media group, asking to refrain from publishing adverse content related to bank without any proof.
He has also asked the media to issue a clarification regarding the earlier news article, to compensate for the reputational damage.
