Union Bank may roll out cybersecurity project worth INR 6 bln, says source
This story was originally published at 15:31 IST on 28 January 2025
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By Kshipra Petkar
MUMBAI – Following the industry-wide trend of lenders ramping up their cybersecurity measures and augmenting their information technology infrastructure, Union Bank of India is set to implement next-generation cybersecurity operations soon. The bank has budgeted around INR 6 billion for the operations, of which INR 4 billion will be used in the financial year ending Mar. 31 and the rest will be allotted in the June quarter of the financial year 2025-26 (Apr-Mar), an official close to the matter told Informist.
Including revenue and capital, the bank has budgeted INR 39 billion on technology for the current financial year, a figure that is likely to inch up slightly in FY26, the official said.
The state-owned lender, which released its Oct-Dec earnings Tuesday, posted a profit after tax of INR 46.04 billion for the quarter under review, up over 28% on year. Total expenditure for the quarter was INR 238.83 billion, marginally lower than INR 239.24 billion reported a quarter ago but higher than INR 218.59 billion reported a year ago.
A. Manimekhalai, Union Bank's managing director and chief executive officer, spoke about another technological tool called 'Operation Vajra', which has helped address the problem posed by mule accounts. She said the bank has also signed up for MuleHunter.ai, an artificial intelligence initiative launched by the Reserve Bank Innovation Hub. "We hope that in the near future we will be able to put it in place," she said.
At 1528 IST, shares of Union Bank of India were 4.8% higher at INR 110.35 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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