The money was reportedly traced to banks in Cambodia, Thailand, Taiwan and Australia from the nostro account of UBI
Banks have become very cautious with regard to diamond finance after the country's biggest fraud of about Rs 140 billion
The total exposure of the bank in the power sector is about Rs 60 billion
The bank's provision coverage ratio improved for the June quarter to 56.49 per cent, from 51.13 per cent in the same period last year
The bank said interest earned rose 6.7 per cent to Rs 87.01 billion
The bank has also requested the RBI to relax norms on risk-weighted assets, so that it can expand its lending book
The loss comes on the back of higher slippage in asset quality, which for Q4 stood at Rs 100.4 billion
Bank's bad loan proportion rose substantially as gross NPAs rose to 17%
Union Bank stock closed 5% down at Rs 134 per share on the BSE
Net profit fell to Rs 117 crore for the three months ended June 30, from Rs 166 crore a year ago
The PSB stock closed 0.53% down at Rs 141.75 on the BSE
However, its asset quality worsened leading to an over 50% spike in provisions
The public sector bank's gross non-performing assets rose to 11.70% in the December quarter
Union Bank aims to recover Rs 1,200 cr of small-size loans and bring down its total of gross NPAs to 8.75-9% by next March
The stock was down 5% lower at Rs 130 after the bank's gross NPAs increased to 10.16% in Q1 from 5.53% in the year-ago period.
Gross bad loans as a percentage of total loans rose to 10.16 per cent as of end-June from 8.7 per cent at end-March
Bank had reported a profit after tax of Rs 519 crore in the same period last year
The bank said that a cyber security forensic audit has been initiated to identify, plug any gaps & strengthen the system