Union Bank of India, a public sector bank in India, has received its board's approval to raise Rs 2.50 billion by issuing additional tier-I Basel III compliant bonds.

The bank will issue the bonds in favour of Prime Minister's National Relief Fund. The Bank's board gave approval for the same on March 16, 2017.

Total volume of shares traded on the bourses today was lower by 77.77% to 950,255 compared with 22-day average volume of 4,274,165.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.

Shares of the bank declined Rs 1, or 0.64%, to trade at Rs 154.80. The total volume of shares traded was 78,922 at the BSE (10.13 a.m., Friday).