The complaint is that the deposit base is magnified to make the books look better, something that many banks may be guilty of.
On April 15, 2026, X [name withheld] — an executive at Union Bank of India — wrote a letter to Sanjay Malhotra, the governor of the Reserve Bank of India, alleging “window dressing” of the financials by the public sector bank to magnify deposits at the end of the March 2026 quarter.
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